Federal Ministry of Finance (Austria)

The Federal Ministry of Finance (German: Bundesministerium für Finanzen, abbreviated BMF or Finanzministerium) is the cabinet-level ministry for finance of Austria. Its seat is at the former city palace of Prince Eugene of Savoy in the Austrian capital Vienna. The current Minister is Gernot Blümel.

Federal Ministry of Finance
Bundesministerium für Finanzen
Federal Ministry overview
Formed1920 (1920)
Preceding Federal Ministry
  • Imperial and Royal Ministry of Finance
JurisdictionGovernment of Austria
StatusHighest federal authority
HeadquartersWinter Palace of Prince Eugene
Himmelpfortgasse 8, Innere Stadt, Vienna
Annual budget€1,13 billion (2015)
Minister responsible
Federal Ministry executives
  • Vacant, State secretary
  • Thomas Schmid, General secretary
Websitewww.bmf.gv.at

Structure and function

The Ministry is responsible for revenue administration on federal level, including the government budget, matters of finance concerning the European Union, taxes, duties and tariffs. It defines and conducts the country's budgetary policy, concerning currency, credit, savings bank (Sparkassen) and exchange matters, capital movements and settlement, insurance control and hallmarks. It is also concerned with economic policy, if not discharged by the Ministry of Economy.

The Finance Minister and his General Secretary chair six departments (Sektionen):

History
Prince Eugene city palace, Vienna

A first Hofkammer (court chamber) stewardship for the Austrian lands was established in Vienna by Archduke Ferdinand I, in order to balance the deficient Habsburg budget. Re-established by Maria Theresa in 1760, the chamber upon the Revolutions of 1848 became the k.k. Finance Ministry of the Austrian Empire and took its seat at the Prince Eugene palace.

After the Austro-Hungarian Compromise of 1867 the Austrian Finance Minister was only responsible for the Cisleithanian crown lands, while for the common financial policy of the real union, a separate Austro-Hungarian k.u.k. Finance Ministry was established. After World War I, the First Austrian Republic implemented a Staatsamt für Finanzen, which was renamed upon the adoption of the Austrian Constitution (B-VG) in 1920.

List of Ministers
Main article: List of Ministers of Finance (Austria)
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See also
  • Thomas Wieser – former Director General for Economic Policy and Financial Markets
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