The chief executive of the Labour Relations Commission (LRC) has warned it is time for "a cold hard look" at the Republic's economic and social future.

Kieran Mulvey urged caution in the face of rising inflation levels, interest rate hikes and a "correction" in the property market.

Speaking at the Fifth Annual Irish Universities Association Human Resources Conference in NUI Galway yesterday, Mr Mulvey stated: "It's time for a cold, hard look at Ireland's future which may not be as buoyant as we have been accustomed to. It is vital to address both the infrastructural bottlenecks and the way we do business in our public services."

Mr Mulvey also expressed concerns over time delays in obtaining major and essential restructuring, in the public and private sectors. He said management and unions needed to develop a stronger sense of common partnership to effect necessary change.

Another topic was the difficulties young families face, including long commuting journeys, escalating housing costs and childcare challenges. Representatives from O2 and the Higher Education Authority were among the speakers at the conference.