The Fiscal Advisory Council’s report on Austria’s public finances (public finance report) is published annually in mid-December in line with the Council’s legal mandate pursuant to Article 1 no 6 Fiscal Advisory and Productivity Board Act. Taking into account Austria’s federal state structure and considering all levels of public budgets, the report provides an assessment of Austria’s fiscal stance and debt management activities, budget and debt developments at the general government and subsectoral levels, as well as structural measures and reform projects. The Public Finance Report is based on the Fiscal Advisory Council’s own fiscal forecasts for years t and t+4 (as of December 2021). The report also monitors Austria’s compliance with EU and national fiscal rules under the EU’s fiscal framework and Austria’s 2012 Stability Pact. The public finance report, including fiscal policy recommendations, is submitted to the Federal Minister of Finance and to the Austrian parliament and is discussed by the parliamentary Budget Committee.
Public finance report 2023-2028 (of December 2024)
- Unfunded economic policy measures and inflation make for high budget deficits
- Fiscal Advisory Council forecasts high structural budget deficits
- Robust labor market supports fiscal path despite ongoing recession
- Costly economic policy measures adopted without funding plan
- Change in revenue and expenditure structure leads to deterioration in fiscal situation
- Debt ratio remains well above pre-crisis level in the medium term
- Fiscal Advisory Council forecast far more pessimistic than Ministry of Finance assessment
- Compliance with new EU fiscal framework requires substantial structural consolidation efforts from 2025 to 2028
Year of publication: 2024
Main Results and Recommendations December 2024 (PDF, 0.3 MB)
Statistical Annex of December 2024 (XLSX, 0.2 MB)
Public finance report 2022-2027 (of December 2023)
- Fiscal Advisory Council expects continuously high budget deficits
- Ministry of Finance allocates substantial funds to additional expenditure
- Significant deterioration in the macroeconomic environment
- Robust income growth supports fiscal path in 2023 despite recession
- Fiscal burden of economic policy eases but remains high over the medium term
- Demographic trend and unfunded expansionary economic policies will lead to high budget deficits in the medium term
- Fiscal Advisory Council forecasts high structural budget deficits
- Debt ratio remains well above pre-crisis level in the medium term
- Regime change after deactivation of general escape clause phase highlights breaches of structural budget targets from 2024
Year of publication: 2023
Statistical Annex (XLSX, 0.2 MB)
Public finance report 2021-2026 (of December 2022)
- Austria’s discretionary fiscal policy focuses on anti-inflationary measures, the entry into force of the eco-social tax reform and measures ensuring a reliable supply of fossil fuels
- 2021: government revenue benefited from economic catch-up process; government expenditure once more driven up by COVID-19 pandemic
- From 2022 onward, high inflation is affecting both revenue and expenditure growth
- Compared with our assessment of the budget path in our fall forecast, the Ministry of Finance is slightly more pessimistic in the short term, but clearly more optimistic in the medium term
- Even though its fiscal position has deteriorated because of recent crises, Austria is set to meet both Maastricht criteria from 2023 onward
- In spite of large-scale breaches in 2021, there will be no sanctions as the general escape clause is also applied to national fiscal rules
Year of publication: 2022
Statistical Annex (XLSX, 0.2 MB)
Public finance report 2020-2025 (of December 2021)
- COVID-19 pandemic continues to affect key fiscal variables for Austria
- 2020 saw historic slump in government revenues and sharp increase in public spending due to COVID-19 pandemic
- Revenue situation in 2021 driven by economic recovery; measures to counteract the COVID-19 crisis will not be phased out before 2022 thus still affecting government spending
- Results of the BMF draft budgetary plan for 2022 plausible but hard to compare to the Fiscal Advisory Council’s fall forecast
- Expected economic rebound and phasing-out of COVID-19 support measures pave the way for compliance with both Maastricht criteria from 2022
- Although the fiscal position substantially deteriorated in 2020 there will be no sanctions as the general escape clause is also applied to national fiscal rules
Year of publication: 2021
Statistical Annex (XLSX, 0.2 MB)
Public finance report 2019-2021 (of December 2020)
- COVID-19 pandemic causes severe deterioration of Austria’s fiscal indicators
- 2020 sees historic slump in government revenues and exceptional increase in public spending due to COVID-19 pandemic
- Adjustment of underlying data needed for plausibility check of Ministry of Finance’s 2021 budget
- No SGP procedures despite excessive deficit and debt ratios in 2020 and 2021 because of unusual conditions caused by COVID-19
- No sanctions for 2019 under national fiscal rules, general escape clause activated for 2020 and 2021
Year of publication: 2020
Statistical Annex (XLSX, 0.2 MB)
Public finance report 2018-2020 (of December 2019)
- Revenue and spending dynamics are shaped by economic slowdown and measures related to families, pensions and subsidies
- Much better budget balance owing to cyclical factors
- Fiscal Advisory Council expects more favorable budget development than anticipated by the Federal Ministry of Finance
- General government balance improved in 2018 thanks to positive contributions by all levels of government
- Debt ratio to decline markedly by end-2020
- Austria will comply with EU fiscal rules in 2018 to 2020
- Limited incidents of negative control account balances at year-end 2018 will not cause any sanctions under Austria’s 2012 Stability Pact
Year of publication: 2019
Statistical Annex (PDF, 0.1 MB)
Public finance report 2017-2019 (of December 2018)
- Full compliance with EU fiscal rules in 2017 as dynamic economic developments underpin budget consolidation
- Government revenues and expenditures in 2017 marked by special effects and favorable economic environment
- General government deficit was reduced in 2017 following improvements in federal and regional budgets
- 2018 general government budget (Maastricht definition) likely to be balanced thanks to economic boom
- Brisk economy estimated to improve the budget balance by 0.6% of GDP in both 2018 and 2019 according to the Fiscal Advisory Council’s current forecast
- Austria to largely comply with EU fiscal rules in 2018 and 2019
- Window of opportunity for structural reforms used sparingly so far
- Debt ratio to decline markedly by end-2019
- Fiscal Advisory Council needs wider access to recent information; interpretation of 2012 Austrian stability pact still partly unclear
- Agreed regional fiscal rules to be tested for viability as Austria’s 2012 stability pact is being fully implemented
Year of publication: 2018
Statistical Annex (PDF, 0.1 MB)
Public finance report 2016-2018 (of December 2017)
- 2016 general government deficit on the rise as expected; several slight breaches of EU fiscal rules in 2016
- Austria’s fiscal position improves in 2017 on the back of economic upswing; fiscal rules expected to be largely complied with
- Despite benign economic conditions, several significant rule breaches cannot be ruled out in 2018 (unless countermeasures are taken)
- Debt ratio to drop sharply in 2017 and 2018
- Agreed national fiscal rules to be tested for viability as Austria’s 2012 Stability Pact entered full implementation in 2017
Year of publication: 2017
Statistical Annex (PDF, 0.7 MB)
Public finance report 2015-2017 (of December 2016)
- Revenue windfall led to a higher-than-expected reduction of the general government deficit in 2015
- In 2015, Austria largely fulfilled the EU-wide fiscal rules, but did not implement structural reforms and budget reallocations to increase sustainability
- Significant increase in budget deficits to be expected in 2016 and 2017; funding measures of the 2015/2016 tax reform below plan
- General government debt rose again in 2015 on account of the banking package but is expected to decline considerably in 2016 and 2017
- The Fiscal Advisory Council recommends structural reforms to safeguard Austria’s stability-oriented budget path
- EU flexibility clauses set to ensure Austria’s compliance with EU fiscal rules in 2016 and 2017
- Fiscal Advisory Council’s fall forecast shows no “significant deviations” from structural budget targets in 2016 and 2017
Year of publication: 2016
Statistical Annex (PDF, 0.1 MB)
Public finance report 2014 (of July 2015)
- Weak economic activity in Austria and declining country risk premiums in 2014
- As of 2014 Austria is subject to the provisions of the preventive arm of the SGP
- General government budget deficit in 2014 smaller than expected; MTO fulfilled according to European Commission
- 2014 increase in government revenues weak by historical comparison, but more pronounced than GDP growth
- Growth of government spending high in 2014, but distorted by one-off effects
- Bank support package, social security and healthcare spending responsible for strong expenditure dynamics in 2014
- Austria has low structural deficit and high tax-to-GDP ratio by international comparison
- Regional and local governments support consolidation path
- General government debt rose strongly in 2014 due to the establishment of the wind-down unit Heta
- Risk-averse approach determines the federal government financial debt structure
Year of publication: 2015
Statistical Annex (PDF, 0.7 MB)
Public finance report 2013 (of July 2014)
- Weak economic environment and declining country risk premiums in 2013
- New EU fiscal governance in force since 2013
- 2013 general government budget deficit lower than projected
- Government revenues grow faster than GDP in 2013
- Increase in government expenditure is marginal on account of temporary effects and consolidation measures
- Social security expenditure rises relatively strongly in 2013
- Fiscal burden of the bank support package diminishes from 2012 to 1013
- Austria’s excessive deficit procedure abrogated from mid-2014
- Austria’s fiscal position is good, its tax ratio high in an international comparison
- All subsectors support consolidation path
- General government debt ratio edged up marginally in 2013
- Risk-averse approach determines the federal government financial debt structure
Year of publication: 2014
Statistical Annex (PDF, 0.1 MB)
Public finance report 2012 (of July 2013)
Public finance report 2011 (of July 2012)
Public finance report 2010 (of July 2011)
Public finance report 2009 (of July 2010)
Public finance report 2008 (of July 2009)
Public finance report 2007 (of July 2008)
Public finance report 2006 (of July 2007)
Public finance report 2005 (of July 2006)
Public finance report 2004 (of July 2005)
Public finance report 2003 (of July 2004)
Public finance report 2002 (of July 2003)
Year of publication: 2003
Public finance report 2001 (of July 2002)
Year of publication: 2002
