The Labour Party in government would borrow to fund the completion of the National Development Plan, the party's finance spokesman told the conference.
Mr Derek McDowell said while Labour would not borrow for day-to-day spending, capital spending on infrastructure was a different matter. "I feel confident in saying Labour in government will not borrow for day-to-day spending even if that means that we have to reschedule or moderate our investment programme."
However, he said the National Development Plan must be delivered - and delivered on time - not least if the economy was to continue to grow. Mr McDowell said there was no reason for people to be frightened by the prospect of borrowing for capital purposes. "The consequences of not investing in infrastructure are far more serious for the economy than the fact of borrowing in order to make that investment."
While Labour wanted everyone on the minimum wage taken out of the tax net, he said, there was "precious little room" for other tax cuts. He acknowledged this would have implications for the future of partnership agreements.
"It will not longer be possible - and in any event it isn't desirable - for Government to sweeten any deal in income tax. In future, wage increases will have to be borne by employers rather than subsidised by the State."
Mr McDowell also spoke about the €1 billion a year put aside into a pension fund which would be used in 25 years' time. The idea was laudable, he said, but surely the first responsibility was to today's pensioners - "the people whose hard work in difficult times created this boom."
In an earlier presentation, the party's financial secretary, Mr David Leach, said the Government's new "tough" legislation on party political funding would not stop the abuses of the past being committed in the future, but make them slightly more difficult to commit.