Latest news with #MarkusMarterbauer
Bloomberg
07-05-2025
- Business
- Bloomberg
Austria Tackles Tax Loophole Behind Defunct Signa's Opacity
Austria's government is looking to close a property transaction tax loophole that was seen as one of the reasons for the complex corporate structure at the bankrupt Signa conglomerate. In his budget tax bill submitted to parliament, Finance Minister Markus Marterbauer has proposed to raise the bar for landlords wanting to avoid the tax on property share deals by off-loading a minority stake to a different owner. The bill is currently under public review.
Bloomberg
17-04-2025
- Business
- Bloomberg
Austria Backs Using Frozen Russian Assets to Help Ukraine
Austria's new finance minister, Markus Marterbauer, signaled support for using frozen Russian central bank assets to provide further help for Ukraine to defend itself. 'I fundamentally consider these deliberations reasonable,' he told Bloomberg on Thursday. 'If there is a joint solution, Austria will be part of it, but we won't take the lead.'
Yahoo
31-03-2025
- Business
- Yahoo
Austria vows 'steady hand' in tackling growing budget deficit
By Francois Murphy VIENNA (Reuters) - Austria's new coalition government pledged on Monday to show a "steady hand" in trimming the budget deficit by sticking to existing savings plans, although 2024's deficit was bigger than expected and well beyond the European Union limit. The coalition of conservatives, Social Democrats and liberals took office this month, promising savings of more than 6 billion euros ($6.5 billion) this year to avert a so-called excessive deficit procedure by Brussels for running a deficit greater than 3% of gross domestic product. Since then, however, economic developments have gone from bad to worse, with forecasters now predicting the economy will shrink for the third year in a row. The national statistics office reported on Monday the budget deficit in 2024 was 4.7% of GDP, far above the roughly 4% widely forecast. "The situation here at the outset is extremely serious, which is why we will do everything we can, step by step, to reduce the overall budget deficit," Finance Minister Markus Marterbauer of the Social Democrats said in a statement after the deficit figures were published. "One restructures a budget on the basis of facts, data, scientific analysis and a steady hand, all aimed at clear targets," he added. The decision not to immediately seek extra savings suggests the government is now prepared to undergo an excessive deficit procedure, which involves EU institutions charting a corrective course. Failure to follow that can in principle eventually lead to a fine. Austria is far from alone in breaching the 27-nation EU's deficit ceiling. France recently announced a budget deficit of 5.8%, and Italy's came in at 3.4%. "It is important not to further burden the economy and employment, such as through new taxes," Marterbauer said. ($1 = 0.9235 euros)
Reuters
31-03-2025
- Business
- Reuters
Austria vows 'steady hand' in tackling growing budget deficit
Summary Three-party coalition government took office this month Pledged to bring deficit back within EU limit this year Budget deficit now bigger than previously thought Government says it's not planning more savings this year VIENNA, March 31 (Reuters) - Austria's new coalition government pledged on Monday to show a "steady hand" in trimming the budget deficit by sticking to existing savings plans, although 2024's deficit was bigger than expected and well beyond the European Union limit. The coalition of conservatives, Social Democrats and liberals took office this month, promising savings of more than 6 billion euros ($6.5 billion) this year to avert a so-called excessive deficit procedure by Brussels for running a deficit greater than 3% of gross domestic product. Since then, however, economic developments have gone from bad to worse, with forecasters now predicting the economy will shrink for the third year in a row. The national statistics office reported on Monday the budget deficit in 2024 was 4.7% of GDP, far above the roughly 4% widely forecast. "The situation here at the outset is extremely serious, which is why we will do everything we can, step by step, to reduce the overall budget deficit," Finance Minister Markus Marterbauer of the Social Democrats said in a statement after the deficit figures were published. "One restructures a budget on the basis of facts, data, scientific analysis and a steady hand, all aimed at clear targets," he added. The decision not to immediately seek extra savings suggests the government is now prepared to undergo an excessive deficit procedure, which involves EU institutions charting a corrective course. Failure to follow that can in principle eventually lead to a fine. Austria is far from alone in breaching the 27-nation EU's deficit ceiling. France recently announced a budget deficit of 5.8%, and Italy's came in at 3.4%. "It is important not to further burden the economy and employment, such as through new taxes," Marterbauer said. ($1 = 0.9235 euros) Editing by Mark Heinrich
Reuters
28-02-2025
- Business
- Reuters
Austrian centrist parties announce future ministers as crucial vote looms
Summary Far-right won election but failed to form government Centrist tie-up or snap election among few options left Neos members to vote Sunday on whether to join coalition If they vote against, party drops out of coalition VIENNA, Feb 28 (Reuters) - Austrian parties that plan to form a coalition government excluding the far right announced their future ministers on Friday, among them the first left-wing finance minister in 25 years, before a key vote to seal the deal on Sunday. The conservative People's Party (OVP), Social Democrats (SPO) and liberal Neos presented their coalition programme on Thursday, five months after the eurosceptic, Russia-friendly Freedom Party (FPO) came first in September's parliamentary election with around 29% of the vote. The new government is due to take office on Monday, a day after the Neos put the deal to a vote of their members at a meeting in Vienna where a two-thirds majority is required. If it does not pass, the Neos will not be part of the coalition and the other two parties will have a majority of just one seat. When the FPO gave up trying to form a coalition government two weeks ago, the three parties revived efforts to form one, keen to avoid a snap election that opinion polls suggested would only extend the far-right party's lead. The government will be headed by the OVP and its new leader, 64-year-old lawyer Christian Stocker. The SPO will take the justice and finance ministries, while the OVP will control the interior, defence and economy ministries. The Neos are due to take over foreign affairs and education. The SPO's pick for finance minister, 60-year-old economist Markus Marterbauer, will restructure Austria's budget "in a balanced and socially just way", said party leader Andreas Babler, who is due to become vice chancellor. "He will ensure that we do not blindly save our way into a crisis, but rather invest our way out of it," Babler said. The coalition programme places heavy emphasis on reducing the budget deficit to within the European Union's limit of 3% of economic output. Measures to achieve more than 6.3 billion euros ($6.6 billion) in savings this year include raising a tax on banks and extending windfall taxes on power and energy companies. ($1 = 0.9607 euros)
