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Budget Deficit


Manufacturing Industry Sharply Criticizes the Union

Employees' proposals are not very productive, the Austrian Industrial Association says. There is no shift from wages toward corporate profits.
March 22, 2011


Austria's Budget Deficit is Lower than Expected

The preliminary budget outcome for 2010 is 0.6% better than forecast. However, the results of the ÖBB could increase the deficit again.
February 17, 2011


Austria's Budget Deficit is at 4.1%

Although the budget deficit is lower than expected, but the official national debt could increase considerably due to the ÖBB.
February 1, 2011


"Austria Does Not Deserve an AAA Rating"

The chief economist of the American Citigroup, Willem Buiter, also denies Austria, alongside the U.S. and the UK, the right to the AAA rating.
January 29, 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


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


CEE Economic Growth Forecast: 3.8% in 2011

According to UniCredit, especially Turkey, Poland, Czech Republic and Estonia will bounce back impressively due to stronger industry and domestic demand.
January 13, 2011


Massive Rise of Debt in the Public Sector

Austria's debt is rising dramatically. Not only the state budget, but also the provinces and municipalities are the major contributors to this situation.
December 31, 2010
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


Austrian Official Debt Level Rises

Due to the EU-wide commitment to a more transparent presentation of liabilities, the official debt ratio of Austria will continue to increase.
December 21, 2010


WIFO: Economic boom persists, but also risks

The export-driven boom of the Austrian economy continues. Growth will however slow down in the first half of 2011.
December 20, 2010
Austria's Tax Revenues are Higher than Expected

As the economy developed relatively well this year relatively, tax revenues increased. The deficit for 2010 might therefore turn out to be lower than planned.
December 17, 2010
Nowotny Pleads for Euro-Bonds

The governor of the Austrian National Bank, Ewald Nowotny, is for the introduction of euro-bonds. Germany’s resistance is pre-programmed.
December 6, 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
Industrialists: Destruction of Business Location Averted

The Industriellenvereinigung (IV, Industrialists Association) is relieved about issues concerning location policy, and at the same time calls for structural reforms.
November 30, 2010


Europe's Public Debt and Unemployment Remain High

Austrian Institute of Economic Research: The revival of the EU states, driven by expansionary economic policies and export growth, is ebbing.
November 25, 2010


CEE: Catch-Up Process Starts Again

After the growth break caused by the economic crisis, Eastern Europe is back on the upswing. However, the catch-up process has been delayed by years.
November 22, 2010


OECD: Austria's growth until 2012 at 2%

According to the report, the economy is returning back to normal values, but it will have to manage without fiscal stimulus.
November 18, 2010


Austria's Exposure in Ireland: 3.4 Billion Euro

Since September 2009, Austrian banks have halved their exposure in Ireland. The most affected countries are the United Kingdom and Germany.
November 15, 2010
Austria´s Economy: Recovery Accelerates

According to the Report of Bank Austria “Austria´s Economy”, GDP increases stronger than expected. The labor market experiences some weaknesses.
November 15, 2010
The ÖBB is a Risk Factor for the State Budget

While the investment projects for the ÖBB are being reduced by Transport Minister Doris Bures, a fiasco is threatening on the revenue side.
November 15, 2010
OeNB Governor Nowotny "During the Crisis, the Euro Acted as a Protection Shield Beyond the Euro Area"

The Governor of the Austrian National Bank, Ewald Nowotny warns to fiscal discipline and talks about economic challenges and opportunities in Europe.
November 15, 2010


Infrastructure Development: Investing in the Future or Incurring Debt?

While industry competes for sites for the development of infrastructure, legitimate questions are being raised on financial issues.
November 15, 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


Bank Tax: Constitutional Concerns

Banks are to contribute a fixed tax amount based on the values given for 2010 for three years. Constitutional jurists consider this modus operandi as "highly questionable".
November 8, 2010


Vienna: Negotiations Between the SPÖ and the Greens Almost Concluded

The last major points are budget issues. Both sides are however optimistic of reaching an agreement.
November 5, 2010
IHS Boss Felderer Pleads for Railway Tunnel

The debate about the controversial Koralm tunnel is being enriched. IHS (Institute for Advanced Studies) boss Felderer argues strongly for the infrastructure measure.
November 3, 2010


Hungarian Railway Workers Strike Against Rail Cargo

Due to employee layoffs at Rail Cargo Hungaria, the employees threaten to go on strike. Rail Cargo suffers losses both in Austria and in Hungary
October 27, 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
New Budget, New Taxes

The budget includes a new austerity package, which consists essentially of taxes on mineral oil, tobacco and banks.
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


Criticism of Austria's Allocation of Subsidies

Both the volume and the organization of the allocation of subsidies are susceptible of improvement, experts say.
October 21, 2010
IMF Considers Recovery as "Moderate and Uneasy"

Growth in Europe seems to be normalizing slowly. Dynamism is missing though, and many vulnerabilities are as yet unresolved.
October 20, 2010


Austrian Federal Railways in Debt Crisis

Several infrastructure projects will increase the debt burden of the Federal Railways dramatically. This could bring considerable effects for the financial situation of the whole Federation.
October 19, 2010


Tax Evaders Targeted by the Ministers of Finance

Budget problems plague the majority of EU countries. In addition to budget discipline, the prosecution of tax evaders is to be addressed.
October 18, 2010
Slight Fall in Corporate Tax

On the other hand, indirect taxes experienced an increasing trend. Despite tax competition, tax increases are expected due to budget needs.
October 18, 2010
WIFO-Boss Aiginger Calls Government for Economization

Aiginger claims for reforms in the tax system
October 17, 2010
Mineral Oil Tax: A Cash Cow for the Finance Minister

State revenues for the mineral oil tax have risen steadily since 2000. At that time, motorists paid 2.726 billion euro; this year it will be 3.9 billion euro.
October 15, 2010


Stability Pact with Federal States Has Never Been Met

Deficits of the federal states were too high already since 2001, as well as the deficits of the federation. The surplus of the municipalities couldn´t offset them.
October 14, 2010


Austrian federal government - Massive fall in revenue

The federal government is missing €4b ($4.9b) in revenue, in the first four months of this year. In total a decrease of €6.1b ($7.5b) was registered.
June 29, 2010