Austerity meaning: Understand austerity—government policies aimed at

Understand austerity—government policies aimed at reducing public debt through spending cuts and tax increases. Learn real-world examples and impacts. Definition of austerity noun from the Oxford Advanced Learner's Dictionary. [uncountable] difficult economic conditions created by government policies aimed at cutting public spending. War was followed by many years of austerity. [uncountable] the quality of being simple and plain in appearance. Austerity refers to a set of government policies aimed at reducing budget deficits by lowering public spending, increasing taxes, or both, usually during times of economic crisis. Austerity is the condition of living without luxuries or the quality of being austere. It can also refer to a difficult economic situation caused by a government reducing spending. Learn more with examples and translations.