US EditionHuge Cost of Natural Disasters Revealed
- The Treasury estimated that natural disasters in early 2025 caused a $2.2 billion drop in economic activity across Australia, mainly in Queensland and New South Wales.
- The losses came after Cyclone Alfred affected Moreton Island in March, widespread flooding across Queensland, and heavy rainfall impacting the Hunter and Mid-North Coast areas of New South Wales.
- The disasters caused damage to more than 10,000 residences and businesses and led to declines in consumer activity, as evidenced by a 0.3% drop in Queensland's retail sales in February and a 0.2% decrease in household expenditure within the state.
- Treasurer Jim Chalmers emphasized that the government's main focus is providing financial support for the recovery and reconstruction efforts in affected communities, highlighting that while the human toll remains the greatest concern, the economic impact is also substantial.
- Minister Kristy McBain stated that the government will invest another $200 million through the Disaster Ready Fund in 2025-26 to boost resilience and aid long-term recovery efforts.
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Natural disasters cost Australian economy an estimated $2.2 billion in 2025
Natural disasters including Cyclone Alfred and widespread flooding across NSW and Queensland have resulted in an estimated $2.2 billion loss in economic activity in 2025, according to Treasury's initial analysis.
·Sydney, Australia
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