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Finance Minister Gernot Blümel assumes that the Corona crisis will also cost money in 2021. The eco-social tax reform will be postponed.
Whatever it takes. This slogan was issued by the turquoise green federal government at the beginning of the Corona crisis to save the national economy and secure jobs. Although there has been harsh criticism of the policy measures since then, the budget of Finance Minister Gernot Blümel (ÖVP) fell into the red. However, by the end of the year the pandemic was not over. “We will need massive new loans next year as well,” Blümel said in an interview with the APA.
High mountain of debt
“Perhaps towards the end of the legislative period we can come closer to meeting the Maastricht criteria again,” Blümel said. It refers to the rules that provide for a new annual debt of less than three and a total debt of less than 60 percent of economic output. The national debt is expected to increase to 81 percent of annual economic output by 2024.
The eco-social tax reform enshrined in the government pact will come a bit late. “That will come because we have agreed to it. And what is in the government program also applies,” said the minister. A first part of the package already exists. The lowest category of income tax has been reduced. More here >>>
