Austria’s budget deficit should be halved to well below 3% of the country’s GDP by 2024, said Finance Minister Magnus Brunner, citing the need to steer Austria onto a ‘sustainable budget path’ as the country’s deficit amounted to almost €6 billion between January and May.
Between January and May, the government recorded a budget deficit of approximately €5.9 billion as it received around €38.2 billion in revenue while spending about €44 billion.
“We want to halve the deficit to put Austria on a sustainable budget path in the medium term. This necessity is also shown by the current budget execution,” Brunner said in a press release, APA reported.
Brunner also emphasised the importance of supporting the European Central Bank (ECB) in its fight against inflation by focusing on long-term development, calling for sustainable budgets at both national and European level.
“One doesn’t ruin a budget during crises, but rather when one doesn’t pay attention to sustainable budgets in good times. My goal is, therefore, for Austria’s deficit to be well below 3% of GDP from 2024 onwards,” Brunner stressed.
In late June, the European Commission urged member states to provide an extra €65.8 billion for the Multiannual Financial Framework (MFF) until 2027. The funds would be allocated to support Ukraine, address migration issues, and enhance competition.
For Austria, this would entail an additional €1.6 billion. Brunner promptly dismissed the request, stating that, as a net contributor, Austria could not accept an increase in funds.
(Chiara Swaton | EURACTIV.de)
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