Austria's new coalition government has announced plans to tackle the country's economic challenges, including high energy costs and a shrinking economy.

At their first working meeting, leaders from ÖVP, SPÖ, and Neos pledged to develop a comprehensive industrial and economic strategy by the end of the year.

Key goals include creating jobs, boosting investment, and reducing energy costs for businesses and households.

Measures will also address the housing crisis, streamline bureaucracy, and attract skilled workers from abroad.

While concrete actions remain vague, the government emphasized its commitment to long-term economic stability.

Experts warn of continued economic struggles, with Austria's economy contracting by 1.2% last year.

The government aims to counter this with targeted reforms and incentives.