This article summarises the conclusions of Gerhard Steger, chair of the OECD Working Party of Senior Budget Officials, which he presented at the 2nd International Policy Forum on Budgeting in Seoul in November 2011.

In December 2007 and December 2009, Austria’s Federal Parliament decided on a far-reaching, comprehensive budget reform package. The introduction of a legally binding medium-term expenditure framework, of accrual budgeting and accounting as well as performance budgeting marks a decisive...