1. A government policy of reducing public spending and increasing taxes to reduce budget deficits, typically during economic crisis
The government implemented strict austerity measures to combat inflation.
O governo implementou rigorosas medidas de austeridade para combater a inflação.
2. Any action or policy designed to reduce spending or consumption
The company adopted austerity measures after a significant drop in revenue.
A empresa adotou medidas de austeridade após uma queda significativa na receita.