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Austrian Economic Policy News and Analysis
Read the latest headlines about policies and laws influencing the business and investment environment of Vienna and Austria
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Further Increase of Investment Subsidy
The Austrian government has decided to increase its budget for investment subsidies. The high demand for this subsidy by companies located in Austria has exceeded the expectations of the government and is therefore adjusted upwards by another EUR 1 billion in order to further promote investments into digitalization, sustainability and other sectors.
November 30, 2020
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European Commission Approves Austrian Aid for Railroad Companies
The European Commission has granted Austria its planned subsidies for railroad companies to promote the shift from road transportation to rail road usage. Austria will increase its public aid to, on the one hand, relieve railroad companies of some financial burdens of the last months and to, on the other hand, continue the promotion of railroad rather than road transportation.
November 26, 2020
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European Commission Approves Second Fixed Cost Subsidy
The European Commission has approved Austria's request to grant further subsidies to companies particularly impacted by the ongoing pandemic. The so-called Fixed Cost Subsidy II could cover up to 70 percent of the uncovered fixed costs and up to EUR 3 million.
November 23, 2020
Austrian Government Plans Deficit of EUR 22.6 Billion
Due to the ongoing Covid-19 pandemic and the resulting economic crisis, the Austrian government has agreed on a budget that plans with a deficit of EUR 22.6 billion for next year. Estimated lower revenues due to the weak economy on the one side face higher expenditures because of the subsidies for various businesses on the other.
November 20, 2020
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Vienna Is the Sixth Largest City in the European Union
After London pulled out and Bucharest moved up, Vienna has consolidated itself in sixth place among the largest cities in the European Union. But who is the new European leader, and who are the other cities ahead of Vienna in the ranking? What are the reasons why living in Vienna is so popular with other Austrians, expats, migrants and refugees?
November 9, 2020
Second Coronavirus Lockdown: Which Rules Apply for your Business in Austria?
The exponential increase of the Austrian COVID-19 infection numbers has made drastic measures necessary. On November 3, 2020, the new COVID-19 Protection Measures Ordinance will come into force and remain in force until at least November 30, 2020. In order to cushion the economic impact, short-time working will be upgraded and loss of sales compensated. The new rules and economic measures for the gastronomy, tour operator, tourism and leisure industry can be found below.
November 2, 2020 · Updated: November 6, 2020; 10:13
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Blümel Presents Budget With EUR 21 Billion Deficit
Austria's Finance Minister Blümel presented the budget draft for 2021 to the National Council. Due to Covid-19, a deficit of over 20% is planned to provide enough aid for the struggling economy and job market in Austria. While the Federal Ministers show signs of relief with regard to the major budget increase, the opposition parties are furious.
October 14, 2020
Federal Chamber of Commerce: Lockdown Is Unthinkable and Needs To Be Avoided
The heads of the Federal Chamber of Commerce emphasize the importance of avoiding a second lockdown due to rising Covid-19 cases in Austria. They also demand further support measures for the economy and particularly hope that the EU approves the planned fixed cost subsidy.
October 9, 2020
Schramböck: "Every New Infection Is a Potential Danger for the Business Location"
Federal Minister for Economic Affairs Schramböck empasizes the importance of low infection rates for the business location. She demands more rigid measures for Vienna, which is currently the Covid-19 hotspot in Austria.
October 5, 2020
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Eurogroup President Donohoe Met Blümel
New Eurogroup President Donohoe and Austrian Finance Minister Blümel met at a round table discussion on "Europe's Comeback". Topics were the strength of a common currency union and strategies on how to achieve the economic comeback.
September 9, 2020
EU Puts a Hold on Austria's Fixed Cost Subsidies
The European Commission has questioned Austria's newly introduced fixed cost subsidy to the surprise of many Austrian politicians and experts. Companies in the sectors tourism and export were predominantly planned to be subsidized.
September 9, 2020
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WKO Secretary General: Labor Market Situation Improves, But Remains Great Challenge
The secretary general of Austria's Federal Chamber of Commerce WKO recognizes a slightly positive trend in the labor market but underlines the importance of ongoing and future economic measures.
September 7, 2020
"Massive New Debt" in 2021
Federal Minister Blümel announces massive new government borrowing for next year in order to tackle the ongoing Covid-19 crisis. He hopes to return to meeting the Maastricht criteria again in the next years.
September 7, 2020
After Discussions in Austria: IHS and WIFO Against Statutory Reduction of Working Hours
Austrian economic research institutes IHS and WIFO are both against a reduction of working hours. According to the experts, training and retraining for the unemployed would be better approaches.
August 26, 2020
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Arab - Austrian Expert Forum on the Economic Challenges in Light of Corona Pandemic
The economic obstacles that the Arab world faces due to the wide spread of the coronavirus, the enormous medical efforts that are being made to find a cure for this virus, and the challenges that the economic and trade relations between Arab countries and Austria in particular face in times of the coronavirus, were the main topics that centered around the geneticist and molecular immunologist Prof. Dr. Josef Penninger.
June 22, 2020
Investing: Why Your Company Should Establish a Branch in Austria
Every crisis also opens up opportunities e.g. to revise your current strategy and to develop a new one - and time to consider new markets to expand to. Austria stands out in Europe as a highly developed business location and has weathered the crisis well so far.
May 22, 2020
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Corona Short-time Work in Austria: Funds to be Increased to 12 Billion
Minister of Finance Gernot Blümel announced that the budget for coronavirus short-time work will be increased from ten billion to twelve billion euros.
May 19, 2020
War for Global Telecom Infrastructure Supremacy: Vienna first EU Capital with Area-wide 5G Network
While the Third World War is raging backstage between the USA and China for world supremacy in 5G infrastructure, Huawei wins another milestone in Vienna. Digital City Councilor Peter Hanke has set the goal "Vienna should become the first city in Europe with a complete 5G network". The city is supporting the network expansion with 20 million euros.
May 18, 2020
The European Forum Alpbach Gets a New Leadership
Bank manager Andreas Treichl is scheduled to take office as President of the European Forum Alpbach in 2021, succeeding Franz Fischler. Already this autumn, Philippe Narval, Secretary General and Managing Director of the European Forum Alpbach, is to hand over the reins to the entrepreneur and investor Werner Wutscher.
May 14, 2020
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Austria and Germany Agree to Open Borders on 15 June
The gradual opening of the borders between Austria, Germany and Switzerland will begin as early as Friday. From May 15th onwards there will only be spot checks at the borders between Austria and Germany, both countries announced. From 15 June, the borders are to be opened completely. Opening to Italy is not an issue for the time being.
May 13, 2020
City of Vienna Gives Away 40 Million Euros for Gastronomy Consumption
This is how the second wave of the coronavirus will be boosted. After two months of corona lockdown, the gastronomy industry is opening up again this Friday, May 15. In order to boost the new start of coffee houses, pubs and restaurants, the City of Vienna is "giving" the 950,000 Viennese households gastronomy vouchers worth 25 or 50 euros (depending on the size of the household). Mayor Michael Ludwig (of the Social Democratic Party of Austria) declared on Wednesday "Yes, we can afford it!
May 13, 2020
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Austrian Airlines Extends Short-Time Work and Temporary Cessation of Flight Operations
Due to the global developments in connection with the Coronavirus and the continuing restrictions on travel, Austrian Airlines is extending the short-time working model for its 7,000 employees by a further month until May 19, 2020. Also, Austrian Airlines prolongs the cessation of its regular scheduled flight operations for an additional two weeks until May 17, 2020.
April 17, 2020
Tyrol Lifts Coronavirus-Quarantine
Tyrol is still under massive criticism and threat of a class action lawsuit from Germany and some Scandinavian countries because the authorities in the Tyrolean ski resort of Ischgl took quarantine measures very late, although warnings from these countries had already been issued. Today Tyrol's Governor Günther Platter announced during a video press conference that Tyrol would end its self-isolation.
April 6, 2020
Federal Chancellor: "The situation is still serious"
Austrian government presents details of the aid package designed to save jobs and businesses.
March 26, 2020
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Budget Statement: Do What Is Necessary
Finance Minister Blümel: "No one knows how long this crisis will last. No one knows what effects it will have. But we do know that we will do everything we can to maintain the health of Austrians, to secure jobs and to carry the location through the crisis. Whatever the cost."
March 20, 2020
Austrian Government Says It is Prepared to Pump Virtually Unlimited Money into Economy
The Federal Government announced today that an aid package of up to 38 billion euros is being prepared to deal with the consequences of the coronavirus.
March 18, 2020
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Coronavirus Crisis in Austria: Four Billion Euro Package for the Economy
The Austrian government today cancelled the budgetary "zero deficit" for 2020 and announced the provision of four billion euros for immediate measures.
March 14, 2020
What Vienna Can Learn from Wuhan
The Chinese authorities learned from the SARS crisis of 2003-2004 and acted quickly and decisively to contain the threat of the new COVID-19 virus to public health. The rapidly increasing number of cases of infection has put enormous strain on the local health system. An unprecedented rescue mission of a population six times the size of Vienna and a nationwide campaign against the epidemic began. Since the end of February, the number of confirmed new cases in Wuhan has been declining.
February 29, 2020
Austrian Coronavirus Summit: Population to Participate in Containment
In a meeting of Federal Chancellor Kurz, Health Minister Rudolf Anschober and Interior Minister Karl Nehammer with the state governors in the Federal Chancellery, agreement was reached on uniform nationwide guidelines for dealing with the coronavirus. The Chancellor appealed to the population to actively participate in the containment of the virus.
February 28, 2020
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Business with China Slumps: Chamber of Commerce Sets Up Coronavirus Hotline
Because of the coronavirus crisis, the Austrian Federal Economic Chamber (WKO) is now also reacting and setting up an auxiliary hotline for the approximately 1,000 affected companies in the Austrian-Chinese trade.
February 23, 2020
Coronavirus: Infopoint for Affected Companies
The Austrian Federal Economic Chamber has set up a central contact point in Vienna for companies that have requests in connection with the coronavirus. The "Coronavirus Infopoint" brings together all information from Austria and abroad on this topic.
February 19, 2020
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Naturalisations in Austria up by 9.2%
In the first nine months of 2019, 7,610 persons were granted Austrian citizenship, including 1,416 former EU citizens. More than half of them are women. The trend of rising naturalisation figures thus continues.
November 22, 2019
OECD Economic Survey: Reform Proposals for Austria
A recent economic report by the OECD (Economic Surveys: Austria 2019) examines the impact of weak foreign demand, uncertainties in world trade and an ageing population on the prospects for the Austrian economy.
November 15, 2019
Strategic Objectives of the Vienna Visitor Economy Strategy 2025: Premium, Cosmopolitan, Digital
Vienna is already setting international standards in the holistic analysis of data for the development of destinations. The achievement of the goals of the Visitor Economy Strategy 2025 can be measured by six target indicators, which reflect the effects on turnover and added value as well as the satisfaction of residents and guests and ecological developments.
October 22, 2019
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A New Age for Vienna Tourism
Following the tourism concepts of previous years, the City of Vienna, under the auspices of the Vienna Tourist Board, is for the first time presenting its "Visitor Economy Strategy" until 2025.
October 22, 2019
How to Marry an Austrian Millionaire?
According to Credit Suisse's Global Wealth Report published today, 4.4 percent or 313,000 of Austrians are dollar millionaires, and each adult Austrian has an average of 247,000 euros ($274,919) in assets.
October 21, 2019
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Further Increase in Greenhouse Gas Emissions in Austria
Environmental control report calls for increased investment in climate-neutral economy and society. Climate neutrality requires change in the economy and society.
October 16, 2019
Overseas Investments: Number of Austrian Subsidiaries Abroad Increased By 2%
The number of foreign subsidiaries of Austrian companies that were part of a domestic group or owned by Austrian shareholders rose by 2.0% to around 6,000 in 2017.
October 14, 2019
Number of Foreign-Controlled Companies in Austria Up By Around 6%
The number of Austrian companies that were part of a foreign group or owned by foreign shareholders rose by 5.9% to almost 11,500 in 2017.
October 4, 2019
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Federation of Industries Warns Against Wrong Location Policy Decisions
In the context of the current election discussions, the Federation of Austrian Industries (Industriellenvereinigung) appeals to the political rationality of all parties with regard to location not to take short-sighted and ill-considered decisions.
September 20, 2019
Holzmann is the New Austrian National Bank Governor
The liberal Robert Holzmann (70) took over as Governor of the Austrian National Bank (OeNB) on 1 September 2019, succeeding Ewald Nowotny. The manner in which he will hold his office as governor will be followed with interest. The economist has already stated that he will pay more attention to the monetary policy of the European Central Bank (ECB) than his predecessor.
September 3, 2019
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What Does Vienna Have in Common with the New Silk Road?
In order to ensure sustainable development, the cities along the New Silk Road also have to face major infrastructural and social challenges, as well as climate-ecological challenges. More than 1000 participants from more than 178 cities are expected in September in the Vienna International Center for UNIDO's Bridge for Cities Conference as part of the Belt & Road Initiative.
August 12, 2019
Economic Growth: Austria Slightly Above EU Average
The Austrian economy is likely to grow by 1.5% in 2019. 1.2% growth is expected for the euro zone and 1.4% for the EU as a whole.
August 8, 2019
Devastating - Austria is Only the 21st Most Innovative Country in the World
The World Intellectual Property Organization (WIPO) named Austria's neighbor Switzerland as the world’s most innovative country, during the launch of its latest Global Innovation Index. Austria isn't even in the top 20. Biggest issues are the stagnation of public expenditure on research and development and the increase of economic protectionism.
July 26, 2019
German Road Toll Discriminates Against Foreigners - ECJ
The German car toll violates EU law. This was decided by the European Court of Justice in a ruling. This levy is discriminatory, since its economic burden lies practically exclusively on the owners and drivers of vehicles registered in other member states. In Austria, the ruling is received with great pleasure, as the country has won the case through its infringement proceedings.
June 18, 2019
ALPS 2019: How Diplomacy and Commerce Fit Together
As part of the 11th ALPS round in May 2019, 21 international company and start-up founders from 13 non-EU countries had the opportunity to make contact with Austrian decision-makers, explore ways of working together and develop new ideas.
May 16, 2019
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Business Location - New Approach to Anchoring the State Goal of 'Economy'
The governing parties have made a new attempt to anchor the state goal of "economy". The bill received majority approval in the Constitutional Committee from the ÖVP and FPÖ, although a two-thirds majority remains questionable.
May 10, 2019
How Austria Shapes its Future with Artificial Intelligence
Austria's Government is currently working together with the consulting firm Accenture on an Austrian Artificial Intelligence (AI) strategy, which is to be finalised by summer 2019. A study shows that a 3 percent economic growth is possible. That much is already known.
May 3, 2019
Alibaba's Jack Ma Hosted Lower Austrian Business Delegation
In order to improve bilateral relations and exports between Lower Austria and the Chinese partner province Zhejiang near Shanghai, a large delegation from Lower Austria headed by Governor Johanna Mikl-Leitner was touring East China this week. The plan is to increase goods exports by 100 million euros within four years.
April 26, 2019
Organized International Cum-Ex Tax Fraud in Austria - 183 Million Euros Damage
In connection with dividend stripping, the tax fraud model "Cum-Ex" was created, which deliberately allows the multiple refund of capital gains tax paid only once. According to a report in today's Ö1-Morgenjournal, presumably mainly Arab investors, in cooperation with domestic financial advisors and banks, caused Austrian taxpayers a loss of 183 million euros.
April 9, 2019
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