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Economic impact of Australia's bushfires set to exceed $4.4bn cost of Black Saturday

Source(s): Guardian, the (UK)
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By Ben Butler

The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said.

[…]

The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as causing damage to the economy through increased air pollution and direct harm to industries such as farming and tourism.

[…]

So far, 25 people are known to have died in this season’s fires, which have also done severe damage to many towns, including Cobargo and Mogo on the NSW south coast, and Mallacoota in the far south-east of Victoria.

[…]

“But the risk of there being broader macroeconomic spillovers this season are high given the scale of the fires, as well as the fact that it is still early in the bushfire season and the existing fires are yet to be contained,” [Katrina Ell] said.

[…]

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Hazards Wildfire
Themes Economics of DRR
Country and region Australia
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