Ibec: Infrastructure investment needs to be prioritised ahead of all other expenditure
Business group Ibec is calling on the Government to prioritise spending on infrastructure, to the tune of €200bn over the next 10 years, ahead of all other forms of expenditure including tax cuts.
In a new policy paper, Ibec said infrastructure investment needs to be prioritised in order to address persistent challenges in delivering critical national infrastructure.
It said while infrastructure spending has increased 'significantly in recent years' it will need to 'continue to increase to maintain the volume of projects in real terms'.
The paper noted that nominal infrastructure spending will need to rise from €19.6bn a year by 2030, under the current plan, to over €24bn by 2035. The policy papers suggest a sustained investment of €200bn over the next 10 years.
Ibec said infrastructure investment targets need to be embedded in fiscal rules. It said these targets should be backed by Exchequer funds, proceeds from the Apple tax ruling from last year as well as the various investment funds the Government have been putting money into.
In order to facilitate this spending, the business group is also calling for a reform of the planning and legal system to better deliver infrastructure investment.
It added that the Government should establish an expert review group to examine systemic reform, 'up to and including constitutional change'.
'There must be a radical improvement in the delivery of nationally important projects. Delays persist in many key projects, with only 11 of 44 pipeline initiatives delivered on or ahead of schedule,' Ibec said.
'Improved delivery can be achieved by cutting decision-making timelines, enhancing planning capacity, prioritising key projects, and ensuring early and meaningful public input.'
Within the Government, Ibec is calling for a centralised body with statutory powers to streamline approvals and prioritise strategically significant projects as well as the establishment of a permanent forum with private infrastructure investors to address regulatory challenges, ensure project viability, and attract future capital.
It added that strategic infrastructure must be prioritised within the planning system, with immediate Ministerial Directions issued to expedite underpinning projects.
Fergal O'Brien, executive director of lobbying and influence at Ibec, said the country must not make the mistake of 'deprioritising public investment' when the economy slows.
'Ireland's population is projected to grow by nearly a million people by 2035 and the global economic uncertainty only strengthens the case for strategic domestic investment—with infrastructure at the core,' he said.
'We can't continue with the status quo and just hope for improved outcomes. We need to fundamentally rebalance the system to put the common good first,' he said.
Ibec added that regional delivery must be a national priority and that all Irish regions should aim to rank in the top 10% of EU regions in the Social Progress Index by delivering region-specific infrastructure.
'Ibec's priorities reflect detailed business input on the challenges delivering the projects needed to sustain local economic growth across the country,' the group said.
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