Taoiseach Enda Kenny has again declined to comment on when the general election will be held.

Speaking on his way into Cabinet on Tuesday, the Fine Gael leader said the budget, which will be announced next Tuesday, was his focus.

"No I'm not making any comment on the election. I'm focusing on the budget," Mr Kenny said.

Minister for Public Expenditure and Reform Brendan Howlin said Labour's preference was for the Government to continue for the full duration of the Dáil.

“We’ve a job of work yet to do,” he said.

However, he said the Labour Party would be ready for the election whenever it happened.

Minister for the Environment Alan Kelly said Mr Kenny and Tánaiste Joan Burton would come to a joint decision on the election date.

He said that would not be unusual. Mr Kelly said he had no reason to believe the election would not take place next year.

Speculation is mounting in political and media circles on the possible date for the next general election. An early election in November or a ballot in February or March next year are being discussed but the Taoiseach has yet to confirm a decision on the matter.

Meanwhile, the Oireachtas banking inquiry will on Tuesday be given until the end of January to finish its final report, heightening the risk of the investigation being derailed by an early election. The work of the committee could be in jeopardy if an early election is called. The Oireachtas (Inquiries, Privileges and Procedures) Act 2013 does not provide for the continuation of an inquiry after an election.