Wolfgang Hattmannsdorfer (ÖVP) assured on his first day as Minister for Economic Affairs that with the new government program, “the stop button for industrial relocation” will be pressed. He pointed to the reduction of bureaucracy, regulations, and the acceleration of approval processes as key steps.

The Linz-based steel company voestalpine, “as the flagship of our country and Europe,” symbolizes prosperity in Austria, according to Hattmannsdorfer, who emphasized the need for a change in “mindset.” voestalpine CEO Herbert Eibensteiner welcomed the clear commitment to industry and evaluated the government program positively.

Tax-Free Employee Bonuses

However, Eibensteiner urged faster action, stressing the need for “quick measures” that should translate into “helpful laws,” citing declining international competitiveness due to rising labor costs, high energy prices, and a “very strict CO2 regime in Europe.” Hattmannsdorfer announced that the three energy laws (EABG, ElWG, and EGG) would be implemented by summer 2025. Despite budget consolidation, the minister expects that the introduction of tax-free employee bonuses will contribute to stimulating the economy. Starting mid-term, the government will also begin lowering payroll taxes, with the goal of reducing them by 3.7 percentage points to bring them “back to German levels.”

On trade policy, Hattmannsdorfer advocates for more “self-confidence within the European Union” with regard to the USA and China. Eibensteiner expects that the EU will respond to the announced trade restrictions by the USA.