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High nominal GDP growth determines reduction in government debt-to-GDP ratio

The Fiscal Advisory Council expects the budget deficit to decline steadily, but too slowly from a cyclical perspective, from 3.2% of GDP in 2022 to 0.5% of GDP in 2027.more

Ambitious reduction of budget deficits needed

The Fiscal Advisory Council recommends a more ambitious budget path for the federal government and precautions for possible future crises, medium-term challenges and necessary future investments.more

Corporate energy cost subsidy II entails high budgetary burden and offers potential for improvement in the design of measures

Office of the Fiscal Advisory Council calculates high budgetary costs of EUR 7.0 to 8.0 billion for the corporate energy cost subsidy II presented in the Council of Ministers at the end of December 2022more

Distributional effects of Inflation-Relief Packages of the federal government in 2022

According to an analysis of the Office of the Fiscal Advisory Council the majority of households receive transfers amounting to more than 1.000 Euro, for the highest 10% of households (in terms of disposable income) the amount is lower on average. A means-tested lump-sum transfer to low-income households would lead to significantly lower budgetary costs.more

Budgetary impact of 3ʳᵈ anti-inflation package significantly restrict budgetary leeway and complicate compliance with fiscal rules

According to an analysis of the Office of the Fiscal Council, the package of measures and the inflation trend will result in a cumulative additional budgetary burden of 15.1 billion euros by 2026.more

NEWS

Press information (DE)

of June 6, 2023

Ambitious reduction of budget deficits necessary (DE)

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Recommendations 2023

of June 6, 2023

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Fiscal Rules Compliance Report 2022 to 2027 (Summary and Main Results)

of June 6, 2023

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General government gross debt – Austria

General government balance – Austria

EU fiscal rules applied for Austria: Maastricht criteria

EU fiscal rules applied for Austria: structural requirements

**EU fiscal rules**

		EC estimate		FISK estimate		MoF estimate
	2022	2023	2024	2023	2024	2023	2024

Maastricht deficit of no more than 3% of GDP	⭙	✓	✓	✓	✓	⭙	✓
MTO of no more than −0.5% of GDP	Allgemeine Ausweichklausel
Government expenditure growth	Allgemeine Ausweichklausel
Reduction of debt ratio	✓	✓	✓	✓	✓	✓	✓

Legend: ✓ … compliant with fiscal rule and significant deviation; ⭙ … not compliant with fiscal rule, ⭙ …not compliant with fiscal rule and significant deviation EC … European Commission; FISK … Fiscal Advisory Council; MoF … Ministry of Finance
Source: Fiscal Advisory Council fiscal forecast (spring 2023).

Organization and members

The Fiscal Advisory Council is an independent body responsible for monitoring the fiscal discipline of government entities in Austria. It consists of 15 members that are mandated to act independently. Its Office is attached to the Oesterreichische Nationalbank (OeNB).

Tasks of the Fiscal Advisory Council

The Fiscal Advisory Council analyzes Austria’s public finances, monitors compliance with national and EU fiscal rules and contributes to the public debate.