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Austrian News
Austrian News: Read the latest headlines about developments in Austrian domestic politics with reference to the international interest
Property Tax : € 25.000 for Every Rich Person?
The Austrian Socialist Party (SPÖ) claims to introduce property taxes. About 80.000 people in Austria would be concerned.
September 5, 2011
Fekter: No Nationalization of VBAG
The Austrian Finance Minister has the right to nationalize the bank if it does not pay a dividend on the state’s € 1bn of participation capital.
September 2, 2011
OMV Affected by Sanctions against Syria
The Austrian oil and gas company does not have a local production but buys 7% of its oil supplies from the Arabic country.
August 29, 2011
Frank Stronach to Apply for Casino Licenses
The Austro-Canadian founder of Magna and the German Gauselmann Group establish a company with the goal of entering the Austrian gambling market.
August 26, 2011
IHS: No Zero Deficit until 2021
The research institute calculated that Austria will not be able to achieve a balanced budget in the next ten years. Felderer calls for reforms of the pension and healthcare systems.
August 24, 2011
Industry Raises Alarm over Lack of Technicians and Apprentices
voestalpine CEO Eder and WKÖ president Leitl call for measures against the shortage of skilled personnel. They want to increase the attractiveness of technical jobs and raise the retirement age.
August 23, 2011
Retiree Representatives Demand 2.7% Pension Increase
According to legal regulations, Austrian pension payments have to be adjusted for the previous year’s inflation. Next year the cost would be approximately € 1bn.
August 17, 2011
Fourth Applicant for Lottery Concession
The Ministry of Finance received one more application for the lottery license. Meanwhile, the guessing game on names continues.
August 11, 2011
Austria Is One of Three Euro Countries with Lowest Default Risk
Only three euro countries were found to have low default risk combined with a positive trend. The euro zone is seen in an “existential crisis”.
August 8, 2011
Three Applicants for Lottery Concession
The match for the Austrian lottery license goes into its final round. Three companies have submitted an application.
August 3, 2011
“Austria Was Boosted by EU Accession, Euro and Opening to Eastern Europe”
Bank Austria analyzed the development of Austria since the EU accession in 1995. It concluded that the economy has taken full advantage of the opportunities offered by the changes.
July 28, 2011
Lack of Reforms as a Threat for Start-Ups
The organization of young entrepreneurs demands improvement of framework conditions for start-up enterprises.
July 26, 2011
Fitch Confirms Austria’s Triple-A Rating
The U.S. rating agency confirmed the Republic of Austria’s AAA credit rating. The outlook remains “stable”.
July 25, 2011
Massive Increase in Municipalities’ Foreign Currency Debt
The amount of foreign currency debt has doubled since 2009 and surpassed € 2bn in February 2011. Swiss franc denominated loans accounted for almost 100%.
July 25, 2011
Mitterlehner with Plans for Reform of ÖIAG
The Minister of Economics intends to reposition the Austrian state holding company. Markus Beyrer, the new CEO, is currently evaluating new concepts.
July 25, 2011
voestalpine Sues EU Over Plans for Carbon Emissions
The Austrian steel company and four German competitors filed a lawsuit against the EU. They argue that CO2 emission targets are unrealistic and unachievable.
July 21, 2011
Credit Costs to Rise in the Wake of Basel III
The new regulatory requirements are expected to increase the cost of credits and to reduce the Austrian banks’ profitability.
July 20, 2011
Food Prices Continue to Rise Rapidly
Within three months, prices increased by more than 8%. The Austrian Chamber of Labor asked the government to take countermeasures.
July 19, 2011
Stress Test: Erste Group and Raiffeisen Passed, Volksbank Failed
Volksbanken Group is the only Austrian bank that failed the stress test. Taking into account the measures that are currently being implemented, the core tier I ratio would be above the benchmark.
July 15, 2011
Missing the Kyoto Target Will Cost Austria € 800m
Total costs of missing the target for the period 2008 to 2012 will amount to not less than € 800m. € 450m have already been spent on the purchase of certificates.
July 13, 2011
OECD Calls for Reforms and Increased Efficiency
The OECD expects growth of 2.9% in 2011 and a further decline in the unemployment rate. To maintain the country’s performance the study recommends reforms in many areas.
July 11, 2011
Economic Report 2011: Government Surprised by Quick Recovery
Experts praise Austria’s relatively stable performance during the years of crisis and call for reforms necessary for ensuring the country’s competitiveness.
July 8, 2011
European Stress Test Results to Be Published on July 15
The test performance of 91 participating banks will be available next week. According to Moody’s, Austrian Volksbanken AG is at risk of failing the test.
July 8, 2011
Government Debt Committee Sees No Margin for Tax Cuts
The committee called for debt reduction and warned against a tax reform. The gap between government revenues and spending is increasing.
July 7, 2011
Austrian Companies to Participate in Russian Research Center
The planned technology park will be home to up to 40,000 researchers. Twenty Austrian companies have expressed interest in participating in the project.
July 5, 2011
Significant Decline in Stock Exchange Turnover
Trading volume at the Vienna Stock Exchange has fallen dramatically in the first half of the year. The negative development is blamed on the capital gains tax on securities.
July 5, 2011
Economic Council Met for the First Time
Representatives from business and politics came together in the Federal Chancellery. The round of talks will be held three to four times a year.
July 4, 2011
ÖBB’s Debt Will Amount to € 30bn in 2020
Large infrastructure development projects will almost double the Austrian Federal Railways’ debt. In relation to other European countries, Austria spends the second highest amount per capita on the expansion of rail networks.
July 4, 2011
Foreign Trade: € 35m for Promotion of Exports
82% of Austrian exports go to other European countries. The state and the Economic Chamber start a new initiative to increase trade with BRIC countries.
July 4, 2011
Moody’s Gives Negative Outlook for Carinthia
Austria’s southernmost province received a negative outlook due to an increasing budget deficit, high debt and credit guarantees for Hypo Alpe Adria.
July 1, 2011
New Employment Record in June
The number of unemployed fell by 2.3% to 268,866 in June. The positive development has lasted for 16 months already.
July 1, 2011
Austrian Government Debt Grew to € 210bn
Debt of the federal sector increased by € 6.3bn, while all other sectors registered a decline. Social insurance carriers’ debt fell by 32%.
June 30, 2011
Retirement Provisioning: Austrians Put aside € 63 per Month
Retirement provisioning study 2011: Austrians prefer low-risk investments. 58% rely on the financial knowledge of their bank account managers.
June 29, 2011
Slight Decline in Company Insolvencies
Private insolvencies are on the rise, while the number of companies filing for bankruptcy is falling moderately.
June 28, 2011
“We Need to Increase Support for SME”
Experts say the government’s efforts for increasing the research quota are half-hearted. € 600m per year would be necessary to achieve the target.
June 24, 2011
Constitutional Court Cancels Starting Date of New Capital Gains Tax
The Court has no objections to the new capital gains tax itself. Only the starting date for automatic collection by the banks was declared unconstitutional.
June 24, 2011
Austrians Support Aid for Greece
The majority of the Austrian population does not want to let Greece down. 55% see the common currency at risk.
June 22, 2011
Almost One Million Shareholders in Austria
Compared internationally, the Austrian population has a very low interest in the stock market. Only 13% invest in shares or funds.
June 21, 2011
Retail Sector: New Discussion about Sunday Opening
The current dispute is about the right to open shops on certain lucrative Sundays. The operator of a shopping center has brought in an action at the Constitutional Court.
June 20, 2011
Patent Protection to Become Cheaper
In Europe patent protection is currently ten times more expensive than in the US or Japan. Austria will participate in an EU-wide cooperation which will reduce the cost significantly.
June 20, 2011
IMF Calls for More Ambitious Budgetary Consolidation
Austria was asked to make higher efforts to reduce its debt. The IMF recommends savings in the pension and health care systems as well as lower state subsidies in next year’s budget.
June 14, 2011
Massive Drop in Trading at the Vienna Stock Exchange
Trading volume slumped by 42% to € 4.4bn as a result of the new capital gains tax on securities. The proportion of Austrian investors fell to 26%.
June 9, 2011
ÖBB: Opposition to Privatization Plans
Austrian Finance Minister Maria Fekter has sparked a debate about the railway company’s future. Her plans have been criticized from many sides.
June 6, 2011
Swiss Expert Criticizes Austria’s Role in International Money Laundering
OECD expert: “Austria is used as a gateway for international money laundering. It is doing too little to fight the phenomenon.” Only twelve convictions were made in 2009.
May 26, 2011
Slight Decline in OeNB’s Profit in 2010
The Austrian national bank's operating profit came to € 291m in the previous year. € 269m will be paid to the central government.
May 26, 2011
„Austria Is Losing Its Competitiveness“
The Industrial Association’s president sees a “dramatic deterioration” of Austria’s competitiveness as a business location and criticizes a lack of respect for industrialists.
May 18, 2011
Industrial Association Demands Modernization of School System
The Austrian Industrial Association emphasizes the role of school and the need for reforming the educational system as the economy already suffers from a skills shortage.
May 17, 2011
Upheaval in the Austrian Gambling Market
Casinos Austria are going to face competition. The exact conditions for granting the casino concessions have not been decided yet.
May 17, 2011
Reactions to Treichl’s Criticism
Treichl’s criticism of Austrian politicians and Basel III rules has sparked a public dispute. WIFO disagrees and calls banks’ attitude “highly provincial”.
May 17, 2011
Erste’s Treichl Says Politicians ‘Cowardly’ on Basel III Rules
Andreas Treichl, CEO of Erste Group, provokes fierce reactions with his criticism of Austrian politicians and new international capital rules.
May 16, 2011
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