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Austerity

Euro-Crisis: Austrian Managers are Optimistic

In spite of the current euro-crisis, most Austrian managers believe that the currency will remain. Moreover, a deepening of the cooperation between EU-member states is expected.

February 6, 2012

Government: Dispute Over Pensions

The Austrian government parties SPÖ and ÖVP disagree over contributions by retirees. The austerity package is far from being resolved.

February 6, 2012

Sorger „Focusing on Business Location“

The President of the Federation of Austrian Industries, Veit Sorger, reaffirmed the strengthen Austria´s economic competitiveness.

February 4, 2012

Austerity: ÖVP Becomes Impatient

Negotiations between the coalition partners SPÖ and ÖVP are going on. ÖVP´s chairman Spindelegger locates an “incredibly big need of consolidation”.

January 31, 2012

Felderer Attacks Austrian Government

The head of the Austrian Institute of Advanced Studies fiercely criticizes Austrian politicians. Felderer claims to put effort in the restructuring of public finance.

January 30, 2012

Austrian Railways: Resistance Against Management Arising

The works council as Austrian Railways (ÖBB) wants to prevent the planned reduction in staff. Before that, outsourced service must be reduced, the council states.

January 28, 2012

Austerity: Leitl and Sorger Call for More Effort

The Presidents of the Federation of Austrian Industries (IV) and the Chamber of Commerce (WKÖ) aim for re-gaining the “AAA” for Austria. The government should cut expenses instead of rising taxes.

January 27, 2012

AUA: Resistance Forms Up

Austerity plans by Austrian Airline´s new management faces massive resistance. The dispute with employees threatens to escalate.

January 27, 2012

Scharinger: „Rating Agencies Are Instruments of Torture“

The leaving CEO of RLB Upper Austria, Ludwig Scharinger, is convinced that Europe needs must make itself more competitive against the U.S. financial industry.

January 24, 2012

AUA: Staff Threatens With Strike

The German Lufhansa Group plans radical cuts in existing collective agreements. The atmosphere among the workforce is aggressive.

January 21, 2012

Austerity: Unions Versus Industrialists

The Austrian trade unions want to impose property taxes, the Federation of Austrian Industries seeks cuts in spending.

January 21, 2012

Austrian Railways Reduced Losses

The Austrian Railways (ÖBB) is still in the red. Nevertheless, losses were lower than initially expected.

January 19, 2012

Government to Sharpen Austerity Measures

After the downgrade of Austrian sovereign bonds from „AAA“ to „AA+“ by S&P, the Austrian government aims to reach its austerity targets earlier.

January 17, 2012

Downgrade: „It´s Time to Take Action“

The downgrade of Austria´s rating from “AAA” to “AA+” caused mixed reactions. The Austrian economy urges for structural actions.

January 15, 2012

Downgrade: Government Surprised and Criticized

For the Austrian government, the downgrade by the U.S. rating agency is „not comprehensible”. The domestic industry urgently claims structural reforms.

January 14, 2012

Austria to Lose its AAA

According to partially confirmed market rumors, S&P will downgrade France and Austria.

January 13, 2012

Unions Protest Against AUA´s Plans

Austrian trade unions are strictly against new austerity measures at Austrian Airlines. Management wants to negotiate over new collective agreements.

January 12, 2012

Pressure on Hungary Increases

The chairman of the Austrian Central Bank, Ewald Nowotny, sees no danger for Austrian banks from Hungary. EU and IMF criticize the Hungarian government.

January 11, 2012

Austrian Airlines Records High Losses

Against previous expectations, the Austrian subsidiary of Lufthansa could not improve its results in 2011 compared to 2010.

January 10, 2012

Dismal Prospects for Construction Industry

According to WIFO (Austrian Institute of Economic Research), the Austrian construction industry will face stagnation in 2012.

January 9, 2012

ÖVP Does Not Exclude New Taxes Anymore

Against previous statements, the head of the Austrian conservatives, Michael Spindelegger, considers to introduce new taxes.

January 9, 2012

Austerity Package: AUA in Difficulties

The implementation of further austerity measures faces resistance. Moreover, competition for Austrian Airlines becomes even stronger.

January 7, 2012

AUA to Implement Drastic Cost Cuts

Austrian Airlines, a subsidiary of German Lufthansa, is said to cut costs drastically. Old planes will not be replaced anymore.

January 5, 2012

„We Are at the Tipping Point“

2012 will be a crucial year for Europe and Austria, says the director of the Austrian Institute of Economic Research (WIFO). The coming decade will be coined by debt reduction.

January 5, 2012

Austrian Economy Pushes for Austerity

In order to prevent new taxes, the Austrian Chamber of Commmerce and the Federation of Industries call for austerity measures.

January 5, 2012

Worsening Economic Outlook for 2012

Economists and analysts expect a massive fall in Austrian economic growth for 2012.

January 4, 2012

Sorger Asks For Investments in Education and R&D

The President of the Federation of Austrian Industries (IV), Veit Sorger, calls for future investments.

January 3, 2012

Austrian Government Wants to Save € 10bn

The coalition partners agreed to cut expenses by € 2.0bn per year until 2016. Details were not published.

December 27, 2011

Felderer Expects Structural Changes

The head of the public debt committee, Bernhard Felderer says that new taxes are inevitable.

December 20, 2011

Fekter Pushes for Further Austerity Measures

The Austrian Minister of Finance, Maria Fekter (ÖVP), announced that the planned austerity measures will not be sufficient. The coalition partner SPÖ is upset.

December 19, 2011

Austerity Package for Austrian Railways?

According to media reports, the Austrian Railways (ÖBB) faces drastic steps. Among others, a hiring freeze is discussed.

December 19, 2011

Styria: "The crisis is over"

The Austrian Institute of Economic Research (WIFO) considers that the federal province hit extremely hard by the economic crisis has resumed the upward trend.

April 9, 2011

Significant Savings Potential by the Administration

Efficiency potential in public expenditure of over € 500 million. Felderer: "Significant savings potential”.

March 11, 2011

Leitl Urges to Invest in the Future

Despite consolidation needs, the government has to invest more in education, research and innovation, says the President of the WKÖ.

February 4, 2011

Budget-saving Measures in Austria are Insufficient

According to the WIFO, budget deficit and public debt are lower than the EU average; central potential savings have been neglected however.

January 26, 2011

Reorganization at Austrian Post

Simplification of internal processes should strengthen competitiveness and customer proximity.

January 21, 2011

WKÖ endorses policy of the European Commission

The Austrian Economic Chamber welcomes the focus of the EU Commission on structural reforms, consolidation of public finances and competitiveness.

January 13, 2011

Drastic Job Cut at ÖBB

The Austrian Federal Railways cuts 650 posts at its freight division Rail Cargo Austria (RCA).

January 1, 2011

Nowotny Calls for Consistent Budget Consolidation

The Governor of the OeNB draws balance at the end of the year and gives his outlook on the challenges for 2011

December 30, 2010

AAA Rating Confirmed for Austria

The rating agency Standard & Poor’s; leaves Austria’s credit status unchanged.

December 22, 2010

Allianz: Austria's Economic Production has Reached Pre-crisis Level in 2011

Strong exports and government stimulus programs enabled growth. Despite public savings constraint, Allianz expects further upward trends.

December 15, 2010

Triple-A Rating: Treichl vs. Nowotny

The Chairman of the Erste Group is not convinced anymore by Austria's financial policy; the Governor of the National Bank however, still stands on "AAA".

December 3, 2010

Stable Recovery of Austrian Economy

The Oesterreichische Nationalbank (OeNB, Austrial National Bank) is assuming a growth of the economy of 1.9% for 2010. Further acceleration is possible for subsequent years.

December 3, 2010

The Budget is Finally Set

After weeks of discussions about the 2011Austrian Federal Budget, the final details were announced today. There are very few amendments to the original project.

November 30, 2010

UniCredit CEO Ghizzoni: Counting on eastern growth

The eastern business should be expanded, says Ghizzoni, CEO of the parent company of Bank Austria.

November 10, 2010

Austerity Package: Resistance from the Federal Provinces

While cries for savings are getting louder in the provinces, declarations of both consensus and objections come from the provincial capital cities

November 8, 2010

Volksbank: Greater Efficiency by Downsizing

The Austrian Volksbank AG (ÖVAG) has not been able to reach a cooperation with other domestic banks. The deal with the BAWAG failed. Now, the Volksbank is looking for alternatives.

October 30, 2010

AUA: Still Losses, But There Is an Upward Trend

Losses and costs fall, passenger numbers rise. Restructuring measures show results, but the target has not been reached yet, according to the board.

October 28, 2010

New Budget: Details and Reactions

The entire tax package will bring additional revenues for around 1.2 billion euro. There are further saving measures for 1.6 billion euro. Reactions from the economic actors are ambivalent.

October 25, 2010

Bank Austria CEO Cernko: No More Bank Tax Soon

Due to Basel III, location reasons and to safeguard jobs, the bank tax will only be effective temporarily, according to Cernko

October 22, 2010