Draft Federal Budget 2009-10 and Financial Framework 2009 to 2013
The current crisis makes for the most difficult macro-economic environment for fiscal policy since the Second World War. The ratio of the general government deficit and of government debt to GDP each rise markedly above the "Maastricht" reference value. The structural (cyclically-adjusted) deficit also widens, since policy has taken measures on both the expenditure and revenue side beyond the cyclically-induced higher spending and revenue shortfalls. Over the medium term, pensions and other transfers will increase as share of total federal outlays. Wage tax and sales tax (VAT) will make a growing contribution to the joint federal revenues, whereas the share of profit taxes will decline noticeably.
Volume (Year): 14 (2009)
Issue (Month): 3 (September)
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