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Thanks will note that, though I am not too sure what would be the best way to permanently knock Austria out of Great Power status. If I do it by smashing them in a war, I will have to wait 5 years before being able to influence them, and Austria could regain their Great Power status in those 5 years.
Declare war with some minor wargoal - humiliate eg. Then destroy all their armies and occupy their entire territory. Eventually they'll drop out of GP status, and then you just add an Add to Sphere wargoal and enforce that.