Brunner: With optimism for Austria. Preserving prosperity. Shaping the future.
Finance Minister Magnus Brunner presents Budget 2024 – 3% Maastricht limit will be adhered to
“This budget makes Austria fit for the future. We relieve the burden on people and ensure prosperity in our country. And we consciously invest in the future: Childcare, science and research, transformation of our economy, microelectronics and security,” said Finance Minister Magnus Brunner at today’s budget presentation in Parliament.
In spite of obstacles like a weakening global economy, elevated interest rates, budgetary strains stemming from aid programs, and the removal of fiscal drag, the 3% Maastricht threshold is being upheld. Starting this year for the first time after the years of crisis - and in the coming years too.
“We invest in our human capital, in science and education. Because we will never have the cheapest labour or the cheapest energy. But we can have the brightest minds,” says the Finance Minister, emphasising the important investments in science and research. These areas will be financed with 28.9 billion euros, an increase of 3.1 billion euros compared to the last federal financial framework. The university budget for the coming performance agreement period 2025-2027 will rise to a new record high of 16.2 billion euros.
Security in Austria is guaranteed with investments of 34.4 billion euros. The defense budget, which increased by 790 million euros, is a clear commitment to continuing the strategic realignment of the Austrian Armed Forces. By 2027, 14.1 billion euros will also be invested in the climate and transformation offensive of the domestic economy. For example, 3.6 billion euros will be granted for climate-friendly transformations in the building sector. The competitive location will be strengthened with an additional 2.6 billion euros.
“And with this budget we are investing more heavily in the future than ever before. Around half of the additional additional payments, more than 20 billion euros, are future expenses. For example, for child care, for science and research, for the transformation of our economy, for the field of microelectronics and for our security. We proceed with confidence. Because we preserve prosperity and shape the future.”
Information about the budget can now also be found interactively on the new website budget.gv.at.