Standard of living in Austria: how does 458 euros per month change our reality?

In 2023, Austria faces a significant change in its standard of living. According to an analysis by the Momentum Institut, the average Austrian will need €458 more per month to maintain the same standard of living compared to 2019. This figure perfectly illustrates the current economic challenges facing the country's citizens. Yes, it seems that the cost of living in Austria is constantly rising, and this applies not only to your favorite cafes and restaurants, but also to everyday expenses. 💰

Let's take a closer look at how and where this money goes, and how it affects public sentiment in the country. 🇦🇹

How have the main expense items changed? 📊

By analyzing where the increased amount goes, we can identify several key expense items:

1. Food products 🍏

Additional food costs will amount to about 66 euros per month. This is due to the increase in prices for basic products and food products, which, as we know, fluctuate greatly depending on the season and the economic situation in the country.

2. Housing expenses 🏡

Around 83 euros extra will have to be spent on housing and energy. Rising rent and utility prices have become a major problem for many Austrians, especially in large cities such as Vienna.

3. Catering and services 🍽

Restaurants and cafes require another 128 euros per month. This is also due to the increase in prices not only for food, but also for services provided in catering establishments.

4. Miscellaneous expenses 💼

167 euros is added to all other expenses, including health, leisure and education. The price increases in these areas are also strongly felt.

Comparing this data with inflation in the rest of the eurozone, we see that Austrians have to spend 96 euros less per month, which suggests that life here is still more affordable than in some other countries. However, it is important to remember that the economic situation in the country remains tense.

Public sentiment: optimism or pessimism? 🤔

There are many opinions about the future. According to a survey conducted by the Momentum Institute, 33% respondents are skeptical, 27% are worried, and only 34% are optimistic. This is below the average level of confidence, which currently stands at 44%. Apparently, Austrians are not very confident about their prospects.

For a more detailed analysis, please refer to the following study: EU-Wirtschaftsprognose 2023-2025: Österreich unter den Letzten.

What can change the situation? 🛠

According to the Oxfam report, introducing a progressive wealth tax could bring in significant amounts of money to the country, which would help improve the economy. For example, a tax on the ten richest families in Austria could bring in €5.5 billion. This compares with €86% of planned government spending cuts. More information is available in the article Oxfam-Studie: Vermögensteuer auf 10 größte Vermögen in Österreich bringt allein 55 Milliarden Euro.

Conclusion and findings

Living costs in Austria continue to rise, and according to a study, the average citizen will need 458 euros more to maintain the same standard of living. This shows the current economic situation and the need for reforms that can improve the well-being of citizens. Do you think Austria will cope with these challenges in the near future? 🤔

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