The OECD published its occasional review of our economic position in April (the next one is due in 2010). In keeping with such studies, it contains much of what we knew already along with an element of what we don't want to know.

Regarding taxation, the Economic Survey suggests:

• A “sharpening” of the incentives for both members of a couple to participate in the work force
• A more neutral system for taxing the housing market
• Better targeting of Pensions tax relief

It is difficult to find coherence in such an analysis. Most family units in Ireland regard themselves as just that, a family unit, rather than a unit of productive economic activity. And while taxes on housing may be liberal, ownership of a principal private residence is in itself an important component of retirement provision.

As a public policy, there is something to be said for people having an unencumbered place to live on retirement. This remains a reasonable aspiration for most of us, even with the sharp rises and subsequent volatility of process in recent years. This aspiration is supported by the Stamp Duty exemptions available on purchase, the funding support through Mortgage Interest Relief, and the re-investment opportunities created through the CGT PPR exemption.