The Austrian Productivity Board was established in 2022 in accordance with the EU Council Recommendation 2016/C 349/01. It is an independent body consisting of five members who are economic experts not bound by instructions. The members of the Productivity Board are appointed for a term of six years by the federal government, the Austrian Economic Chambers and the Federal Chamber of Labour. Representatives of the Oesterreichische Nationalbank (OeNB) and the Parliamentary Budget Office (PBO) as well as other experts attend Productivity Board meetings in an advisory capacity.
The tasks of the Productivity Board are set out in the Fiscal Advisory Council and Productivity Board Act of 2021. Following EU Council Recommendation 2016/C 349/01 the Productivity Board provides the framework for the systematic monitoring and analysis of developments with a material impact on domestic productivity growth and competitiveness. The objective of its activities is to identify and promote policies and reforms to strengthen the competitiveness of the Austrian economy.
Based on its legal mandate pursuant to Article 5 paragraph 5 Fiscal Advisory Council and Productivity Board Act 2021 (Federal Law Gazette I, no. 226/2021), the Productivity Board prepares the Austrian Competitiveness Report (Annual Report). The report provides an overview of relevant analyses and study results produced by Austrian research institutions active in this area. Moreover, it contains a set of indicators on productivity development, competitiveness, industrial structure and industrial change, institutional framework conditions, ecological and digital transformation, demographic change, the developments in international trade, and the quality of life. These indicators are used for regular monitoring. The report, including related economic policy conclusions and recommendations, is submitted to the Federal Minister of Labour and Economy, to the National Council and the federal government, and it is discussed in the Economic Committee of the National Council. The Productivity Council’s first annual report is scheduled for publication in the first half of 2023.
The Productivity Board is supported by the Office of the Productivity Board. It is responsible for drawing up studies and analyses on productivity and competitiveness issues, drafting reports and policy recommendations and compiling and preparing data. Moreover, the Office takes care of administrative matters. It is attached to the Oesterreichische Nationalbank (OeNB).