Austria’s newly formed three-party coalition government is an unusual experiment in European politics.

Three parties announced Thursday that they have reached a deal to form a new centrist Austrian government, five months after an election was won by a far-right party that later failed in an attempt to form an administration.

The conservative Austrian People's Party, the center-left Social Democrats and the liberal Neos agreed on a program for a coalition

Austria's new government, led by Christian Stocker, assumes power, introducing the nation's first three-party coalition. The administration faces pressing issues, including unemployment, recession, and budget constraints.

The sidelined far-right Freedom Party won the parliamentary election five months ago with 29 per cent. Read more at straitstimes.com.

OMV, a multinational energy company based in Vienna, has shifted to other options, including increasing its own output of natural gas, drilling for oil and experimenting with geothermal energy.

Three parties announced Thursday that they have reached a deal to form a new centrist Austrian government, five months after an election was won by a far-right party that later failed in an attempt to form an administration.