I begin by welcoming the British ambassador, H.E. Ms Kara Owens, to Leinster House. I wish her and all at the British embassy a very happy Christmas. I look forward to working with them, as our nearest and closest neighbours, in the time ahead. I join with my colleague, Deputy Timmins, in welcoming the sixth year history class students from Blessington Community College, County Wicklow, who are in the Visitors Gallery today. We look forward to progress on their much-awaited major school capital project in the time ahead.
In the spirit of Christmas, I join with Deputy Doherty in wishing you, a Leas-Cheann Comhairle, and every Member of the House, their families and everybody who works in the House a very happy Christmas. I particularly thank all of the people who are behind the scenes but who work so hard, the staff who keep the place running, day in, day out - the ushers, the clerks, the secretaries, the chefs, the gardaí, the cleaners and so many people who think their work goes unseen. I want them to know that we see it, and we appreciate it as well.
Christmas is a time of great excitement for children and a time of great celebration and joy for many. It is also a time when those experiencing grief and trauma can find it particularly lonely and painful. This Christmas, I think of all of those who find the Christmas period difficult. I wish everybody a happy break. Nollaig shona daoibh go léir. I thank Deputy Doherty. I wish him a good break too, and I look forward to normal back-and-forth commencing in January.
In relation to the ESRI report today, first, I welcome the report. We should take its advice very seriously. Of course, it does not just say what Deputy Doherty says it says, because it says quite a few things. It is very much ad idem with the Government on the need for a massive capital injection and acceleration of housing supply. It talks about the importance of delivering and implementing our infrastructure reforms as key enablers to deliver the housing. It also talks about the Irish economy continuing to perform robustly, and the fact that there will be more jobs in Ireland in 2026 than there were in 2025.
It absolutely does highlight the need to do more in relation to housing. I should say, in case Deputy Doherty did not hear it, that the author of the report was on “Morning Ireland” this morning. In relation to the disposable incomes question, he made the very clear point, which I would echo, that when we look at the fact that wages are growing in Ireland, and, thankfully, on average, wages are finally growing ahead of prices, that will have a positive impact on people's spending power and ability in 2026. That is not just my view. It is the view of my Department. It is the view of the ESRI. Yes, we have had to disentangle one-off measures. Yes, we have had to get back to a normal budget period. Yes, we cannot have a situation where we are running two budgets every year. One budget each year and to make progress over five budgets is what we have to do.
Wages are now rising faster than prices for the first time in quite a while. That will help consumers. It will help families. It is one of the reasons that, in the ESRI report today, it is expecting consumer spending to grow further in 2026, even though it has already grown in 2025.
Housing remains the biggest challenge this country faces, of that there is no doubt. We are working to fix housing once and for all.
We actually have to do it rather than just make barbs. That is perhaps the difference between us and you. It is why we have already taken a number of steps, extended the lifetime of planning permissions and brought in measures to make developments viable again which Sinn Féin opposes at each and every opportunity. It is why even today the Minister of State, Deputy Cummins, has signed an order to continue planning exemptions for the conversion of vacant commercial properties into homes, extending it to 2028 before making it ultimately a permanent exemption. We have seen some encouraging figures. Yes, there are too many people in box bedrooms, of that there is no doubt, but completions are up. The latest CSO figures released only on 23 October showed 9,235 new dwellings completed in July, August and September, a rise of 4%. We saw 24,325 new dwellings completed in the first three quarters of the year, up 13% on the same period last year. More apartments have been completed this year than last year. Figures from the CSO last week show a very significant increase in planning permissions. There is a lot of work to do but there are more first-time buyers - talking about people living in box bedrooms - drawing down mortgages now than at any time in recent years, up 22% year on year.