Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline||
No amount/estimate: The Oesterreichische Nationalbank (OeNB) has declared readiness to supply sufficient cash to banks, ATM operators, and the economy in response to increased withdrawals. Working hours were extended to meet the increased demand.
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR9,000,000,000||USD9,955,752,212|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02C - Loan guarantees||EUR9,000,000,000||USD9,955,752,212||
EUR9 billion in credit guarantees.
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance||
No amount/estimate: Austrians are allowed to defer interest payments on bank loans. June 2, Extended the loan deferrals available for private and micro-enterprises by four months, which allows beneficiaries to defer repayment obligations for principal or interest payments without suffering legally.
|04 - Equity support info_outline|
|05 - Government support to income/revenue||EUR51,659,000,000||USD57,144,911,504|
|05A - Health||EUR339,000,000||USD375,000,000||
(i) Additional capacities for mobile and stationary care (EUR100 million); (ii) EUR60 million are granted to the health system; (iii) EUR 130 million are given to hospitals for equipment and to finance over-time payments; (iv) EUR36 million are disbursed to incentivize eligible research on COVID-19 by Austrian firms; (v) EUR13 million on medical supplies.
|05B - Non-health||EUR51,320,000,000||USD56,769,911,504||
(i) EUR15 billion emergency funds for hard-hit industries to provide direct liquidity provisions and subsidies for running costs. On April 27, expanded Phase 2 of the hardship fund, through which SMEs may request up to 6000 Euros from the government; (ii) EUR10 billion for payment deferrals of personal income and corporate income taxes; (iii) No amount/estimate: rent payment deferrals; (iv) No amount/estimate: May 13, proposed a more simple calculation method to determine monetary subsidies by companies to their employees from their own accounts and from the government's funding. Under the new system, no employee should have any losses; (v) May 20, Increased to EUR12 billion (from EUR10 billion on April 13 and EUR5 billion originally) funds for short-time working, self-employed and funds to finance increased costs of caretaking, etc.; (vi) May 21, EUR1.2 billion is being rolled out by authorities as new fiscal measures including tax relief measures for the hospitality sector of EUR500 million and support to non-profit organizations of EUR700 million; (vii) No amount/estimate: May 21, Applications for the fixed subsidy have already started, with the first payments being disbursed by end of May. The Ministry of Finance will reimburse up to 75% of a company's fixed costs for up to 3 months; (vii) May 25, EUR1 billion in grants from the federal government to municipalities, geared towards support for infrastructure investment (e.g. schools, public transportation, energy production); (viii) May 27, increase in the minimum payment amount of the hardship fund to EUR500, and added another EUR500 comeback bonus, dedicated to entrepreneurs having hardships during the pandemic; (ix) May 28, Allocated EUR90 million to support freelance artists up to EUR1000 a month; (x) To jump-start the economy, a new tax incentive was introduced for companies that recruit apprentices, with EUR2,000 per position created between March 16 and October 31 of this year; (xi) June 12, Reduced VAT to 5% to support the catering trade, the cultural sector and the publishing sector; [update] (xii) June 12, Deferred taxes to January 15, 2021. (xiii) June 16, reduced the lowest income tax bracket tax level from 25% to 20%. There will also be a loss carryback, with business losses being offset against profits in 2019 and 2018, so that some of the deferred taxes may not have to be paid back at all. [update] (xiv) June 16, extended Austria's fixed cost subsidy; [update] (xiii) June 16, fiscal package was increased by EUR12 billion to include stimulus measures, including investment in climate protection, affordable housing, health, and digitalisation and a one-off support for unemployed and families. Several specific tax relief measures are aimed at the agricultural and forestry sectors, culture and publishing; [update] (xiv) June 17, Reserved EUR30 million for childcare in the summer from the municipal package. [update]
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures||
(i) On March 18, the Financial Market Authority prohibited short sales for one month following the massive drop in prices on the Vienna Stock Exchange due to betting on covered share price losses and and extended the prohibition to May 18 on April 16; (ii) No amount/estimate: May 18: Ended the restrictions on short sales beginning midnight of the same day. (iii) June 16, To incentivize companies to buy capital goods, added a degressive depreciation option for an unlimited period, up to 30% of an investment good should be written off in the first year. [update]
|12 - Non-Economic Measures||
(i) The authorities have progressively tightened containment measures between mid-March and mid-April. Initially targeted to travel to and from Italy and self-quarantine for people with symptoms, the measures progressed to bans on large gathering in public spaces, replacing schools, and university classes with home learnings, and isolation of several ski resorts. By March 16, leaving home was banned by law with limited exceptions. For all judicial and administrative procedures, the clock was put on hold to avoid hardship due to missed deadlines. (ii) As of May 4, the country started to follow a schedule of a gradual reopening of the economy. The government has lifted certain restrictions (e.g. stores, malls, museums, etc. are allowed to reopen, outdoor seating is permitted in restaurants, higher education students can return to school, masks are required in shops and public transport). Ordinary health services are gradually being restarted. The exception is Budapest and Pest county where earlier restrictions, including on movement, still apply due to a still higher incidence of infections. Social distance rules are expected to still be heeded everywhere. All public events are banned till August 15, but sports may be conducted in closed doors, including training. Inward business travel ban is lifted for citizens of the Czech Republic, Poland, South-Korea, Germany, Austria, Slovakia. Twelve international flights have started to depart from Budapest Airport.