We are Strengthening Austria’s Economy

The true wealth of a country is in the education of its children, and it becomes visible in the situation of its society’s weakest. Austria with its excellent social system is in a good position in this regard, and its relief packages demonstrate how to counteract poverty in times of economic difficulty. Taxes were lowered and banks were safeguarded in their supporting function for the real economy through participation capital and liability assumption. Stimulus packages were created for the economy as well as the labour market, with measures such as the promotion of apprenticeships and assistance for unemployed individuals in re-entering the workforce and gaining skilled worker credentials.

Especially those training measures, which will also be supported in the coming year with another labour market stimulus package by the federal government, will benefit the society as well as the individuals, their families and the economy. Future-oriented companies require well-trained employees who can contribute their experience once the economy is looking up again. The same applies to the increased support of research and development, which goes far beyond the field of sustainably effective energy technologies. In this area, Austria was able to continuously improve its position in the market within the last few years. Research is a basic principle of (economic) development. Accordingly, we were also able to advance in other fields: Austria, for example, is one of the leading countries in cancer research.

In our efforts to overcome the crisis, it is particularly important to support those businesses that draw their economic strength from real economic activities: Small and medium-sized enterprises and innovative industrial businesses, which in part were affected badly by the financial crisis. It goes without saying that in the current economic situation, this support needs to be provided not in an isolated manner, but in a Europe-wide or even worldwide context, and that cooperation at the political and economical level is essential.