In early November 2013, the Fiscal Advisory Council of the Republic of Austria succeeded the Government Debt Committee, which had existed since 1970. The establishment of the Fiscal Advisory Council has its legal basis in the Federal Law on the Establishment of the Fiscal Advisory Council (Federal Law Gazette I No. 149/2013), a law which transposes EU requirements into national law, among them one of the “two-pack” regulations (EU Regulation No 473/2013, Articles 2, 4 and 5. In addition to carrying out the tasks the Government Debt Committee was entrusted with, the Fiscal Advisory Council is responsible for monitoring compliance with national fiscal rules.

The Austrian Fiscal Advisory Council is an independent body composed of 15 financial and fiscal experts (members) not bound by instructions from third parties. The members are appointed for a term of six years by the federal government, the Federal Chamber of Labour, the Austrian Association of Cities and Towns and the Austrian Conference of Provincial Governors. The Fiscal Advisory Council may consult other experts. The tasks of the Fiscal Advisory Council include providing assessments and forecasts of fiscal conditions, monitoring general government compliance with EU fiscal rules as well as national fiscal rules at the federal, state and local level, analyzing government debt and its sustainability, and issuing recommendations.

The office of the Fiscal Advisory Council is located in the Oesterreichische Nationalbank (OeNB).