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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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Austrian President Van der Bellen Welcomes Slovenia's First Female President on Inaugural Visit
The new Slovenian President, Nataša Pirc Musar, paid her inaugural visit to Vienna, where she was welcomed by Austrian President Alexander Van der Bellen with military honors. "It is an honor to receive today in Vienna the first female head of state of Slovenia," Van der Bellen said.
May 2, 2023
German-Speaking Foreign Ministers Discuss International Trouble Spots in Salzburg
The German-speaking Foreign Ministers Alexander Schallenberg from Austria, Annalena Baerbock from Germany, Dominique Hasler from Liechtenstein, Jean Asselborn from Luxembourg, and Ignazio Cassis from Switzerland met to discuss global and European challenges.
May 2, 2023
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City Administrations in Focus: Vienna Conference on Human Resources
Demographic development, inflation, and international crises have an impact on all areas of our lives and bring new challenges for cities. Particularly in the area of human resources, cities must adapt to changing conditions and find new ways to attract and retain qualified personnel.
May 2, 2023
Space Diplomacy: International Space Partnership Funding by the UK Space Agency
In support of international partnerships, the UK Space Agency is launching a £20 million fund to leverage the UK's strengths, support new capabilities, and catalyze investment.
April 26, 2023
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Tax Burden in Austria Still High According to OECD
According to a study conducted by the Organization for Economic Cooperation and Development (OECD), taxes and duties for Austrian employees continue to be high in international comparison.
April 25, 2023
EU Approves 2 Billion Euros in State Aid for Wien Energie
The European Commission has approved 2 Billion Euros in state aid for Austrian energy supplier Wien Energie. This was done to accelerate the energy transition and reduce fuel dependency in the context of the Russo-Ukrainian war, according to the EU Commission.
April 5, 2023
Nehammer and Kogler Have Announced a New Security Strategy
Austrian Chancellor Karl Nehammer and Vice Chancellor Werner Kogler have announced a new security strategy for Austria in „ZIB". Experts have been calling for a change in this regard for a long time.
April 4, 2023
Norwegian Aker BP and Austrian OMV Cooperate for CO2 Storage License
Norwegian oil and gas company Aker BP ASA and the Norwegian offshoot of Austria's OMV AS have signed a cooperation agreement on carbon capture and storage (CCS). As a result, both companies have been granted a license under CO2 storage regulations on the Norwegian continental shelf.
April 3, 2023
OPEC+ Surprisingly Cuts Oil Production
The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.
April 3, 2023
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New Chairpersons of the Austrian Citizens' Forum Europe
The ordinary general assembly of the Citizens Forum Europe (BGFE) in Vienna elected a new board. While Othmar Karas was reconfirmed as chairman, ex-Chancellor Christian Kern and ex-Vice President of the European Parliament Ulrike Lunacek will be his deputies in the future.
April 2, 2023
French Embassy in Vienna Held the Day of Francophonie
The French Embassy celebrated Francophonie Day in the form of an exchange on French as a "business language" at the Austrian Federal Chamber of Commerce.
March 30, 2023
Austrian Airlines Is Threatened With a Strike from its Personnel
In a work meeting on Tuesday, Austrian Airlines' (AUA) onboard staff rejected the proposed new collective agreement. There is now a deadline of April 6 for the negotiations to continue. A strike is imminent if no agreement is reached.
March 28, 2023
Austrian OMV Declares Exit from Russian Gas as "Extremely Difficult"
The CEO of the Austrian energy group OMV, Alfred Stern, currently sees hardly any possibility to get out of the Russian business with natural gas. He also sees no alternative to fossil fuels in the short term and talked about relations with Asia-Pacific.
March 28, 2023
President Van der Bellen Visited his Albanian Counterpart in Tirana
Austrian Federal President Alexander Van der Bellen started his official Western Balkans visits on Sunday. The first country he visited was Albania, where he met with his counterpart Bajram Begaj. They discussed the ongoing reforms in Albania and Austria supporting those reforms.
March 27, 2023
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Austria Wants to Bring New EU Anti-Money Laundering Authority to Vienna
Austria is bidding for the seat of the new EU Anti-Money Laundering Authority (AMLA) and wants to bring it to Vienna, Finance Minister Magnus Brunner said. However, it is still unclear whether this is feasible in the current climate of Austrian politics.
March 23, 2023
First European Gaia-X Community Event in Vienna
The European Association for Data and Cloud (AISBL) of the European Gaia-X Initiative, in collaboration with Gaia-X Hub Austria, hosted the first European Market-X Community Event at the Aula of the Sciences in Vienna. At this event, Market-X brings together stakeholders from different industries to shape the digital future of Europe.
March 19, 2023
Congo’s Foreign Minister Visited Vienna
Austrian Foreign Minister Alexander Schallenberg welcomed his Congolese counterpart Jean-Claude Gakosso to a meeting in Vienna. They discussed the economic relations between the two countries and Congo’s security issues.
March 16, 2023
OPEC Fund Approves New Financing to Fulfill its Climate Action Plan
The OPEC Fund for International Development (OFID) approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution's commitment to fulfilling its Climate Action Plan. Three of the four projects approved by the OPEC Fund's Governing Board directly support climate finance.
March 15, 2023
Airport Strikes in Germany Also Affect Vienna
There will be many strikes in Airports in several cities in Germany. This will be the reason for plenty of flight cancellations occurring in Germany and the world. Vienna airport in Schwechat is also being affected.
March 13, 2023
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Chancellor Nehammer Will Present Austria’s Future in the State of the Nation Adress
Austrian Chancellor Karl Nehammer Will give a speech about the “Future of the Nation Address”, where he plans to present Austria’s plans for the coming decade.
March 9, 2023
New Executive Board for the Austrian Institute of Technology
The largest research and technology organization in Austria, the Austrian Institute of Technology (AIT), with 1,400 employees, is getting a new three-person management team. Read more about Austria's largest research and technology organization!
March 9, 2023
Minister Schallenberg Shows Solidarity for LDC Countries at Doha Conference
Austrian Foreign Minister Alexander Schallenberg attended the Least Development Countries (LDC) in Doha. There, he expressed solidarity for the LDCs and reassured Austria’s support for the countries.
March 6, 2023
What is the Houskapreis? 13 Projects Nominated for the B&C Private Foundation Research Award
The nominated projects for the Houskapreis 2023, the research prize of the B&C Private Foundation, have been determined. But what is the renowned Austrian Houska Prize all about?
March 6, 2023
Federal President Alexander Van der Bellen Met the Departing Czech President Milos Zeman
Austrian Federal President Alexander Van der Bellen made an Official visit to the Czech head of state, who is leaving office after two terms.
March 5, 2023
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City of Vienna Pushes for Rent Cap
The City of Vienna has called for an Austrian-wide rent price cap since it does not want to implement these regulations on its own. The rent price cap is heavily debated in Austria at this moment because the guideline value for rents might increase too much in April.
March 2, 2023
Ex-OMV Chief Doubts Policy Statements on Russian Gas Pullout
Russian gas supplies to Austria are currently causing discussions. While the Austrian government wants to do without gas supplies from Russia altogether by 2027, OMV refers to long-term contracts.
March 1, 2023
New Funding for Economic Transformation in Austria
The Ministry of Labor and Economic Affairs (BMAW) has announced a new funding track under the Climate and Transformation Offensive. The Austrian Research Promotion Agency (FFG) supports the Austrian economy in the transformation and the BMAW provides €300 million for research funding until 2026.
March 1, 2023
Austrian National Council Ends Brokerage Fees
A long debate will end on Wednesday as the Austrian national council will end the fee for brokers in the real estate market. Until now, new tenants used to pay the brokerage fee when they moved into their new apartment. The situation has changed now.
February 28, 2023
Romanian Delegation Searching for a Solution in Vienna
A Romanian delegation has arrived in Vienna to search for the solution for Austria’s Schengen Veto Block. Part of the delegation was also Romania’s ex Foreign Minister Titus Corlățean.
February 27, 2023
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The Mayor of Vienna Welcomed the Mayor of Morocco’s Capital
The Mayor of the City of Vienna Michael Ludwig received his counterpart from Morocco Asmaa Rhlalou, who has been the Mayor of Rabat since 2021. Also today, Chancellor Karl Nehammer and Interior Minister Gerhard Karner visited Morocco.
February 27, 2023
Vienna Will Provide 200 Euros Once More
After it gave financial assistance to its citizens last year, the City of Vienna will provide the same of 200 Euros again this year. The citizens will receive the benefits of the Energy Bonus 23 in April.
February 22, 2023
Finnish Prime Minister Marin Visited Vienna
The Finnish head of government Sanna Marin visited Vienna for the first time for working talks and was received by Chancellor Karl Nehammer and President Alexander Van der Bellen. Finland and Austria share enough interests, but not the status of neutrality.
February 20, 2023
30 Years of EU Single Market: Austria’s Advantages are Apparent
30 Years of the EU Single Market have had a positive influence on Austria’s economy. This is shown by the reports of the Ministry of Labor and Economy and the Austrian Economic Chamber (WKO).
February 18, 2023
Raiffeisen Probed by U.S. Sanctions Authority
Raiffeisen Bank International, an Austrian lender that plays a critical role in the Russian economy, is under investigation by the US sanctions authority over its Russia-related business.
February 18, 2023
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Markus Braun Denies Any Acknowledgment in the Wirecard Trial
The Austrian businessman Markus Braun is the main defendant in the whole Wirecard-Scandal. Now he testified for the first time in court. He denied any acknowledgment of alleged crime in the company, which contradicted the testimonials of key witness Oliver Bellenhaus.
February 13, 2023
Combating Human Trafficking and Money Laundering Discussions Occurred at the Ministry of Finance
The Austrian Ministry of Finance invited several experts on the human trafficking and money laundering issue. They discussed possible solutions to these problems and the ministry's help in it.
February 12, 2023
Austria Wants to Accelerate the Integration of Displaced Persons into the Labor Market
The Austrian Public Employment Service (AMS) and the Austrian Integration Fund (ÖIF/AIF) want to accelerate the integration of Ukrainians into the labor market. A letter will be sent to displaced persons encouraging them to contact ÖIF and AMS in order to find employment.
February 12, 2023
Austria's Agriculture Minister Totschnig against Mercosur Agreement
Austria's Agriculture Minister Norbert Totschnig is against ratification of the Mercosur trade agreement. In his opinion, the agreement with South America would put domestic farm families and supplies under pressure.
February 6, 2023
New Film Incentive Model in Austria: HBO Shoots New Series Project "The Palace" in Vienna
The Vienna Film Commission is now increasingly promoting international film and series productions in Vienna and Austria. A new film funding model has been in place for some time and has now brought the first international project to the city. The new series from HBO with Hugh Grant and Kate Winslet called "The Palace" had its shooting start in Vienna.
February 5, 2023
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Premiere for the TechDiplomacy Talk at the Austrian Foreign Ministry
On the occasion of the Vienna visit of the United Nations Envoy for Technology, Under-Secretary-General Amandeep Singh Gill, a TechDiplomacy Talk was held at the Austrian Foreign Ministry. Read more about the premiere of the new format!
February 1, 2023
EU Extends Sanctions Against Russia
The European Union is extending its economic sanctions against the Russian Federation for the aggression in Ukraine. The sanctions will be extended for a half year now.
January 29, 2023
United States Secretary of Labor Marty Walsh Visits Austria
Marty Walsh, Secretary of the U.S. Department of Labor, visited Austria and learned about best practices in apprenticeship training from several government and industry representatives. This was a further expansion of bilateral relations based on the Memorandum of Understanding signed in April 2022 to strengthen cooperation between the U.S. and Austria in apprenticeship training.
January 25, 2023
OPEC Fund Mobilizes $1 Billion for Development Financing
OPEC Fund for International Development mobilizes $1 billion for development finance with "groundbreaking" first SDG bond. The bond was priced based on the Sustainable Development Goals (SDG) bonds, for which Credit Agricole CIB served as the sole sustainability advisor.
January 22, 2023
Austrian Companies Remain Strong in Russia
Many Austrian companies are active in Eastern Europe, especially in the Balkans, Ukraine and Russia. Especially in Russia, the activity of Austrian companies has been very successful but is controversial due to the Russian attack on Ukraine. According to research by the Kyiv School of Economics (KSE), almost a year after the start of the Russian invasion of Ukraine, two-thirds of the previously present companies from Austria are still active in Russia.
January 18, 2023
Large Natural Gas Field Found in Austria
The small town of Molln in Upper Austria could make an important contribution to the gas supply of the entire country in the next few years if the conjectures prove true. Test drilling is said to have already taken place, therefore it is known that the gas is of the best quality. The Australian company ADX Energy wants to start drilling for it this spring.
January 16, 2023
The Hike of Real Estate Prices Is Ending
The rise of prices for real estate is slowly coming to an end. The Austrian Real Estate Association (OVI) reported in front of journalists that the prices have hit the ceiling now. However, this is not a drop in prices but just a stabilization of them. The demand for real estate has gone back in the last months.
January 10, 2023
Aging Population Might Cause Debt Problems in the Future for Austria
The Austrian Ministry of Finance published a budget prognosis for the upcoming 30 to 40 years. The financial future looks bleak in Austria. More specifically, the level of debt will be rising in the next years due to an aging population.
January 5, 2023
The European Single Market Generally Appreciated by Austrians
A survey commissioned by the Austrian Society for European Politics (OeGfE) displayed that Austrians are generally and pragmatically satisfied with the four freedoms of the European Single Market. The European Single Market is 30 years old now, so Austrians can serve this as a review of the market.
January 2, 2023
Austria Promotes Energy Research with 17 Million Euros
The Climate and Energy Fund promotes innovations for clean, affordable and reliable energy supply. The aim is to strengthen Austria as a location for innovation and to improve export opportunities for the domestic economy. A total of 17 million euros is available for the program, endowed from the funds of the Ministry of Climate Protection (BMK).
December 29, 2022
Russia Bans Oil Export on Countries with Gas Price Cap
Russia has responded to the west’s decision to cap gas prices as a measure to brake the rising energy prices. This was an expected move as Russian President Vladimir Putin has criticized this cap numerous times.
December 27, 2022
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