Austria aims for balanced budget in 2019

VIENNA, March 21 (Xinhua) -- The new Austrian coalition government presented its budget for 2019 in parliament on Wednesday, which contains the first surplus after decades of deficits since 1954.

The budget for this year still sees a continued deficit of 2.16 billion euros (2.67 billion U.S. dollars), while in 2019, the situation is expected to be switched to a surplus of 541 million euros (668.7 million dollars), Austrian Finance Minister Hartwig Loeger said in parliament.

The coalition between the conservatives and the far right plans to increase expense on families, education and science as well as expansion of security forces.

Meanwhile, the cabinet expects to raise the retirement age, downsize public servants and cut funds for asylum seekers in reaction to reduced arrivals.

The minister that the past year was the "beginning of a good period" for the country as it saw a boost in the international economy.

The end of banking crises in the country as well as the abolishment of costly programs run by the previous coalition government were also cited as reasons for the improved budget. Enditem