Usually means: Reduced spending to decrease debt.
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We found 28 dictionaries that define the word austerity:

General (25 matching dictionaries)
  1. austerity: Merriam-Webster.com
  2. austerity: Oxford Learner's Dictionaries
  3. austerity: American Heritage Dictionary of the English Language
  4. austerity: Collins English Dictionary
  5. austerity: Vocabulary.com
  6. Austerity, austerity: Wordnik
  7. austerity: Cambridge Advanced Learner's Dictionary
  8. austerity: Wiktionary
  9. austerity: Webster's New World College Dictionary, 4th Ed.
  10. austerity: The Wordsmyth English Dictionary-Thesaurus
  11. austerity: Infoplease Dictionary
  12. Austerity, austerity: Dictionary.com
  13. austerity: Cambridge Essential American English Dictionary
  14. Austerity (disambiguation), Austerity: Wikipedia, the Free Encyclopedia
  15. Austerity: Online Plain Text English Dictionary
  16. austerity: Webster's Revised Unabridged, 1913 Edition
  17. austerity: Rhymezone
  18. Austerity: AllWords.com Multi-Lingual Dictionary
  19. austerity: Webster's 1828 Dictionary
  20. austerity: Free Dictionary
  21. austerity: Mnemonic Dictionary
  22. austerity: LookWAYup Translating Dictionary/Thesaurus
  23. austerity: Dictionary/thesaurus

Business (1 matching dictionary)
  1. austerity: Legal dictionary

Computing (1 matching dictionary)
  1. austerity: Encyclopedia

Miscellaneous (1 matching dictionary)
  1. austerity: Political

(Note: See austerities as well.)

Definitions from Wiktionary (
)
American English Definition British English Definition
noun:  Severity of manners or life; extreme rigor or strictness; harsh discipline.
noun:  Freedom from adornment; plainness; severe simplicity.
noun:  (economics) A policy of deficit-cutting, which by definition requires lower spending, higher taxes, or both.
noun:  (obsolete) Sourness and harshness to the taste.

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    gray,     charcoal,     taupe,     beige,     olive, more...



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