Austria introduces aid package to fight inflation


Magnus Brunner, Austrian Finance Minister

Austria’s Government introduced a 28 billion euros (29.3 billion dollars) anti-inflation packet on Tuesday, as it seeks to shelter its population from raging price increases.

Finance Minister Magnus Brunner said the bill, which included measures set to last through 2026, would include immediate measures such as one-time payments.

But also include structural changes, such as a tax policy that requires higher payments as inflation rises.

At the moment, Austria is facing an inflation rate of 8 per cent.

Chancellor Karl Nehammer called it a historic step that should be a boon to the socially disadvantaged.

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The measure would also link social services payments to the inflation rate starting next year.

Vice-Chancellor Werner Kogler noted that more and more people were being affected by inflation.

The fear was that the inflation rate would remain high for a prolonged period.

The government hoped it would be able to afford the package with targeted revenue hikes.

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