The budget tilts from a slight surplus into the red. This is due to the corona virus pandemic crisis.
The budget speech planned for Thursday in the National Council has been canceled. Instead, Finance Minister Gernot Blümel (ÖVP) will give MPs a “statement on the financial situation” on Friday.
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It is already known that the federal government faces a “massive deficit” instead of a slight surplus this year, said ÖVP Chancellor Sebastian Kurz. This is not only ensured by the four billion euro “crisis management fund” decided by the government and parliament and the upcoming compensation payments.
The economic downturn expected due to the corona virus crisis will also lead to correspondingly lower income from taxes and social security contributions.
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