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Budget crisis: Minister announces profound savings!
The Finance Minister will discuss austerity measures to restructure the budget in Vienna in 2025 in order to secure employment and investments.
Budget crisis: Minister announces profound savings!
The Austrian federal government has taken the first steps to consolidate the federal budget in response to the pressing economic challenges. Finance Minister Marterbauer emphasized the need to avoid a deficit while at the same time paying attention to relevant social measures. As part of this plan, savings of 1.24 billion euros are targeted in 2025 and 1.65 billion euros in 2026, including the abolition of educational leave, which is expected to save 350 million euros per year, as ots.at reported.
In order to realize the planned savings, there will be tax changes in various areas, such as extending the top tax rate by four years until the end of 2029 and increasing the betting fee to five percent from April 2025. These measures are designed to generate additional revenue to stabilize the budget in the long term. Marterbauer pointed out that budget restructuring cannot take place without difficulties and will have a noticeable impact on the population, which is what vienna.at also related.
Important measures at a glance
A central point of consolidation is the introduction of new taxes to strengthen the budget situation. This includes increasing the tobacco tax and including electric vehicles in the motor-related insurance tax. For 2025, additional revenue of up to 50 million euros is expected from tobacco taxes, while tax measures in the energy sector are expected to generate an additional 200 million euros. Marterbauer confirmed that the savings in the ministries must be achieved with a 15 percent reduction in material costs, which means that not all departments can be burdened equally.
The challenge will therefore not only lie in budget consolidation, but also in ensuring that the measures are implemented in a way that is both socially fair and economically viable. This approach is intended to ensure that important areas such as education and care are not put at risk. Successful implementation will be crucial for the country's future development.