Budget 2024 One Year On: Cost-of-Living Crisis Holds its Top Spot as Irish Public’s Foremost Concern

The cost-of-living crisis has, yet again, taken centre stage among public priorities ahead of Budget 2024, with half of Irish citizens identifying it as the foremost critical issue demanding Government action. 

The latest instalment of the Taxback Taxpayer Pre-Budget 2024 survey, which sought the opinion of over 2,000 respondents nationwide[1], found that one in two (48pc) Irish people believe that tackling inflation should be the Government’s utmost priority in the upcoming Budget, up by 13pc on the findings of a similar survey undertaken 12 months ago. 

When asked what the Government should most keenly focus on this year, as in 2022, housing was the second most common choice, though to a lesser extent with almost a quarter of people (23pc) saying as much.

Commenting on the findings of the pre-budget survey, Marian Ryan, consumer tax manager with Taxback said:

“The resounding opinion of the general public, ranking the cost-of-living crisis as the central priority for the upcoming budget is a stark and undeniable reflection of the prevailing challenges faced by the nation. The sharp increase compared to last year’s findings highlights the heightened sense of urgency among Irish people and the resolute call to action that demands attention from policymakers.

The Government must protect people from experiencing growing income inadequacy and exclusion as the cost of living continues to rise. Analysis from the Society of St. Vincent to Paul’s annual pre-budget submission found that deep income inadequacy has increased from 31pc of cases in 2022 to 59pc of cases in 2023 and has now spread to a wider range of household types[2]. With rent, mortgage rates, energy bills, groceries, and childcare, all skyrocketing in the past year, people are finding it increasingly difficult to keep their heads above water. SVP found that almost 700,000 people are living below the poverty line in Ireland with one in five children now living in enforced deprivation. Poverty is preventable and with the right policies, our Government can make a real difference to those who need it most.

Although the volume of people ranking housing as the top Budget priority fell by 9pc compared to last year's survey results, a significant one in four people still believe this should be tackled with the most urgency. This isn’t at all surprising given the fact that SVP figures from April 2023 show that 12,259 people – including 3,594 children are currently living in emergency accommodation[3] and this isn’t even the full picture. There are also tens of thousands who are ‘couch surfing’ or relying on the support of friends and family to provide a roof over their heads”.

Additional findings from the Taxback Pre-Budget 2024 Survey include:

• Cutting income tax fell to 8pc according to this year’s findings – a decrease of  5pc from last year.
• Healthcare as a top priority came in on par with last year’s results at 6pc.

Ms Ryan went on to say,

“Climate change has climbed no higher in the public’s ranking – with very few people believing that this is Ireland’s number one concern. Similarly, Despite the growing media attention surrounding crime in Ireland, just 2pc of people ranked it as a top budget priority”.

Ms. Ryan concluded,

“It is clear from our survey that the effects of the cost of living, housing shortages, and economic uncertainty have compounded to create a multifaceted crisis that is impacting every stratum of society. The upcoming budget is of pivotal importance and there is a huge responsibility on the Government’s shoulders to invest in quality public services such as housing, childcare, etc. and deliver policies that directly alleviate the hardships associated with the cost of living”.