Federal Budget 2003-04: Postponing the Goal of a Balanced Budget

Gerhard Lehner and Margit Schratzenstaller
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Gerhard Lehner: WIFO

Austrian Economic Quarterly, 2003, vol. 8, issue 3, 102-117

Abstract: A stagnating economy and a marked rise in unemployment prevented the attainment of a balanced public budget in 2002. Because of the persistent cyclical weakness and of the tax reform envisaged for 2004-05, a balanced budget position will be achieved only after 2007. In spite of a noticeable increase in the debt ratio, which is the result of statistical revisions, Austria's budgetary position compares favourably with the EU average. To achieve medium-term fiscal consolidation the government aims at reducing the revenue and expenditure ratios. Starting with 2004 there will be a decline in the share of transfer expenditures. Tax revenues will gain in importance within total federal revenues; a shift from direct taxes to indirect taxes can be observed.

Keywords: budget policy; public budget; public revenues; public expenditure; taxes; public debt; Austria (search for similar items in EconPapers)
Date: 2003
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