I move:
"That the Bill be now read a Second Time."
This Bill provides that each Government Minister shall, annually, report on large capital expenditure in the Department five years after the expenditure occurs. As a people, we will spend €13 billion on publicly funded capital projects this year. It is projected that we will spend €165 billion by the end of this decade. This is a substantial accomplishment of our society and it has come about as a result of the discipline and pain of the austerity years.
It is also from the hard work in crafting a strong Irish economy after the nadir of the 1950s.
We all hope that our society continues to invest wisely in ever better services and resources for our citizens. As a nouveau riche country, we have massive infrastructural deficits that have built up over generations. As we unwind that inheritance, funding better railways and roundabouts, play parks, ports, schools and sewers, quays and, I hope, future wind farms and solar projects, the people and the backbenchers representing them will need better visibility on where this public money goes. It is a curious feature of our parliamentary budgetary process, remarked on by the OECD and others, that rather large sums of Exchequer spending that are earmarked through Departments are never seen or heard of again in this House. It is remarkable that the Dáil is never supplied with a list of approved or completed projects. The Where Your Money Goes website, for all its multicoloured glory, breaks things down only to the nearest billion. Parliamentary questions on capital spending need to be very consistently addressed and answered if we are to assemble any sense of the overall pattern. We need, in my opinion, this simple and robust Bill to tease out, in a gentle way, consistent and appropriately granular historical details so that over time, we can achieve a clear picture of public spending. This Bill proposes to close the loop between approval and reporting.
At the moment, the only formal oversight of expenditure is when the Comptroller and Auditor General or a committee of this House finds something exceptional. We parse the venial or the calamitous and we miss the broad issues of overall priorities and patterns. I am reliably advised that reporting five years after completion will steer well clear of any competitive sensitivities that might blunt the State's ability to negotiate. This Bill also provides a mechanism to allow a Minister to delay reporting should the need arise. I am also reliably advised that recent advances in the Government's ICT system make this form of reporting relatively straightforward.
This Bill, in a gentle way, will strengthen our democracy. If taken up, it will certainly strengthen this House's ability to discharge its duty of oversight over expenditure. This becomes a slightly more pressing matter as we contemplate a larger Dáil and a fixed number of Cabinet seats. We will need future measures to rebalance the powers between our Executive and Legislature. The simple act of seeing where the money goes will improve the quality of our debate on how best we should spend public money. It supports transparency in our politics and policymaking. It will make for more informed policy and strengthen tax cohesion, as people can see where tax income goes.
I am very grateful for the support and advice from the Office of Parliamentary Legal Advisers, which supported the crafting of this modest Bill. I also thank the Parliamentary Budget Office for its supply of information when requested. I would like to sincerely thank my Regional Group colleagues for the support they have given to me in promoting this Bill, and also Cáit Nic Amhlaoibh, our parliamentary assistant, for her help. I thank Senator Michael McDowell in particular for his help, advice and vigilance with regard to the drafting of this Bill.
The very act of reporting back to this House on where capital voted expenditure goes and on what, even five years after capital funds were approved and spent with all the appropriate protections and caveats, will make us a better, even if only slightly better, Republic. For a long time, this State has needed a comprehensive reporting method on Exchequer spending, and I hope this Bill will deliver it to the House.