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"on austerity" is a correct and usable part of a sentence in written English.
You can use it to refer to a period of harsh economic measures and spending cuts, taken to reduce government spending. For example: "Germany has been forced to take on austerity measures in order to reduce its national debt."
Exact(60)
Since then, though, an increasing number of global economic policy leaders have turned on austerity.
Bring on austerity.
That would require doubling down on austerity.
That's where we are on austerity.
After earlier strikes, the government backtracked on austerity measures.
But its record on austerity is not good.
Republicans have insisted on austerity for ideological and political reasons.
"There will be a continued focus on austerity," he said.
Mr Brown also questioned the German focus on austerity.
Katrin Bennhold on austerity, domestic violence and false economies.
Piling austerity on austerity in Greece is no solution.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com