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Vienna, 21 November 2011 2012 Budget passed Fekter: "Austria's finances are on a firm footing"

On 18 November 2011, the Austrian National Assembly passed the 2012 Budget. The first budget to be drafted by Finance Minister Dr Maria Fekter was guided by the motto "Stable finances for a secure future" and provides for a deficit of 3.2% and government debt of 74.6% of GDP.

In the closing budget debate, Fekter declared that while she would have preferred a zero deficit, in terms of overall consolidation the government was consistently pursuing the right course. "Austria's economic statistics are sound. Our country is solid and well equipped – it is prepared for harsh winds if times should get harder," Fekter is convinced. "We will stick to this course in future too, and not depart from the consolidation path we have embarked upon," she continued. However, it was important not to put the brakes on full, as this would lock the wheels of the economic engine. "In order not to weaken the tender shoots of economic recovery, offensive measures are also necessary," stressed Fekter.

Regarding the discussions surrounding Austria's credit standing, the Finance Minister declared this: "The debt brake recently adopted by the government has secured our triple-A rating. We can presume that this will give us low interest rates next year too."

Fekter affirmed that the 2012 Budget represented an important step in terms of ensuring stability and making Austria fit for the future. "We have created a solid foundation. Austria's finances are on a firm footing," assured Minister Fekter in conclusion.