Three pillar plan to revitalize Austria’s economy

The Austrian government recently presented a three-pillared plan for economic revitalization on 29 April. Firstly, taxes will be lowered for employees, especially in crisis-essential sectors. “That is a question of social justice but, in times like these, it is also necessary to stimulate domestic consumption,” said Kurz. Secondly, businesses will be subjected to fewer regulations and taxes in future. “Companies, banks and government institutions are faced with a unique situation. It is, therefore, particularly important to work together quickly and without red tape,” Schramböck noted.

Finally, the government will carry out an “investments offensive” focused on regionalization, further boosting Austria’s digitalization and climate change, an area where the government has pioneering goals that include being carbon neutral by 2040 and for all electricity to come from renewables by 2030. From lockdown to economic restart, Austria has taken “rapid and targeted measures,” summarized Schramböck, stressing that the government will continue to “do everything we can to avoid jeopardizing our positive trend.”