BUDGET 2023: Energy and the Cost of Living.... What the budget means for your household

With an estimated €11 billion in additional spending and tax measures expected in today's Budget, the public can expect more money in their pockets to help offset rising energy costs and the cost of living crisis.

Take home pay is expected to rise with the threshold for the higher rate of tax raised, along with tax credits for renters, while pensioners and social welfare recipients can expect a weekly increase, two double payments and increased inclusion in the fuel allowance scheme.

Transport, healthcare, childcare and student costs are set to be cut and every household will benefit from a €600 payment to offset energy costs.

Net income look set to rise for many, with the top rate of tax set to be increased to €40,000 which could benefit workers by up to €800 and €1,600 for a couple, while the State pension and weekly welfare payments look set to rise by €12.

Price reductions on public transport will be extended for the duration of 2023, reducing the cost of commuting for workers and students.

To help with soaring energy costs, every household is set to benefit from payments of €600 in instalments before and after Christmas to offset rising electricity bills.

For social welfare recipients, here are also plans to make up to 80,000 more households eligible for the fuel allowance with a focus on those aged over 70.

An extra €400 one off payment on the fuel allowance coupled with a €200 lump sum for those in receipt of the living alone allowance will be announced today .

A €500 grant for carers and people with a disability will also be announced.

With accommodation costs at an all time high, renters will receive a tax credit of €500 this year and a further €500 in 2023.

Social welfare recipients and pensioners can expect double payments in October and December, while parents can expect an extra Child Benefit payment this autumn.

Relief for parents of young children will come with a 25 per cent cut in childcare fees next year , while those with older children will benefit from a a €1,000 reduction in third level fees this year and a €500 fee reduction next year, subject to an income cap of €100,000.

A further change will see families earning up to €62,000 pay no more than €1,500 in fees from next year, plus a double student grant payment is scheduled for December.

Many families will also see a reduction in healthcare outgoings with 430,000 more people eligible to receive a GP Visit card and the abolition of in-patient hospital fees.

Free contraception to women up to the age of 30 and a publicly funded IVF scheme is set to be phased in as part of spending increases on health measures.