Realizing more prosperity through gold platinum mining

Austria's economy is burdened with around 500 million euros per year due to the overfulfilment of EU regulations. Added to this are over 100 million euros per year in public administration. "Gold plating is a brake on Austria's economic development. This means that opportunities for growth and prosperity remain untapped," says Tobias Thomas, Director of the economic research institute EcoAustria. "A consistent reduction in gold plating would result in higher gross domestic product, employment and consumption opportunities for private households," says Thomas.

The analysis of the effects of gold plating on the Austrian economy using the PuMA macro model ("Public Policy Model for Austria") shows that a complete abolition of gold plating would increase gross domestic product by around 0.2 percent, i.e. almost 800 million. This would be associated with an increase in employment of around 2,300 people. The net income of employees would increase by 250 million euros. The additional growth would also increase public sector revenue, which would create scope for further reforms. If, in addition to the reduction in gold plating, wage and income tax were reduced to the same extent, economic output would be 0.3% or EUR 1.2 billion higher overall and employment would increase by 6,300 people. The net income of employees would then increase by 730 million euros, or 135 euros per employee. In addition, there would be relief in administration, which would mean further potential for reforms, according to the conclusion of a study conducted by EcoAustria for the Austrian Federal Economic Chamber and the Federation of Austrian Industries.