US EditionCyclone Alfred to cost budget $1.2 billion, hit growth and push up inflation: Chalmers
- Ex-Cyclone Alfred caused an estimated $1.2 billion economic loss in Australia, as stated by Treasurer Jim Chalmers.
- The federal government announced a one-off payment of $1,000 for adults and $400 for children in affected areas, including Queensland and New South Wales.
- Chalmers expects the cyclone to reduce GDP by approximately a quarter of a percentage point.
- Economic impacts such as increased fruit and vegetable costs and construction expenses are anticipated due to the cyclone's damage.
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ecotopical.comAustralia faces inflation, agriculture losses after Cyclone Alfred
The Australian government has warned of impacts to the country’s economy in the wake of Cyclone Alfred that caused massive losses to infrastructure, agriculture and the dairy industries when it struck in late February. The horticultural industry was among the worst hit, with strong winds toppling and damaging hundreds of orchard trees, and floodwaters inundating farmlands on the northern coast of the state of New South Wales. As of March 17, far…
Cyclone Alfred to Cost Australia $1.2 Billion
Australia’s Treasury estimates last weekend’s Cyclone Alfred caused about $1.2 billion in economic loss for the country. This financial setback is expected to shave approximately a quarter of a percentage point off the nation’s GDP, said Treasurer Jim Chalmers as a way of prepping Australians for the impending Mid-Year Economic and Fiscal Outlook he is set to announce. Chalmers detailed the anticipated economic effects of the cyclone, specifical…
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