VIENNA: Austria’s debt ratio will start to fall from 2023 after hitting 80% of economic output this year, Finance Minister Magnus Brunner was quoted as saying on Saturday, as he prepares to announce next year’s budget this month.

“Due to weaker economic growth and the required measures against inflation, we will have a debt ratio of around 80% this year.

In 2023, the debt ratio will already be falling, and in the years ahead the goal must be to move back towards 70%,“ he told the Austria Press Agency.

“So the path is right, which is also important as a signal to the rating agencies because we have already seen this year that the outlook for Austria is being viewed more critically.

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This also increases the cost of our debt,“ he added. Brunner is due to present the budget, which is still being finalised, to parliament on Oct. 12, APA said.

“Against the backdrop of weaker economic development, high inflation and the challenges posed by the war in Ukraine, the 2023 budget will of course once again be strongly characterised by crisis measures,” he said.

He cited steps to take effect next year such as electricity cost subsidies, cost-of-living tax breaks and an increase in commuter allowances.