First Budget Speech by Finance Minister Marterbauer Highly Anticipated

The economist will not have much good news to announce. The government has already stated that it plans to save 6.4 billion this year and 8.7 billion next year. The deficit is expected to be 4.5 percent of GDP in 2025, significantly above the EU's allowed 3 percent limit.

The details of the budget are to be revealed just before the budget speech. The Council of Ministers will convene, and afterwards, the figures will be presented to the deputies. However, they will debate it as always the day after, as the deputies should have enough time to study the Federal Finance Act.

Budget Speeches Between Half an Hour and 1.5 Hours

How long Marterbauer will take to present the austerity budget is not yet known. In the most recent budget speech in October 2023, the then Finance Minister Magnus Brunner (ÖVP) spoke for about 1.5 hours. Speeches of this length are not unusual. However, it can be much quicker. Gernot Blümel (ÖVP) limited himself to half an hour in the Corona year 2020.

There is still a path through the parliamentary committees before the budget is passed. The committee work traditionally begins with an expert hearing, and in June, the budget will be worked through chapter by chapter in the plenary session, before it becomes serious with the adoption of the Budget Accompanying Act on June 16. The double budget and the financial framework until 2029 are then to be adopted by the National Council two days later.

(APA/Red)

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