Federal Budget 2003-04: Postponing the Goal of a Balanced Budget
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.
Volume (Year): 8 (2003)
Issue (Month): 3 (October)
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