Six months of natural disasters in 2025 have cost the economy $2.2bn, largely in slower retail and household spending, according to new federal Treasury analysis.<\/p>\n
Wild weather has repeatedly battered the Australian east coast this year.<\/p>\n
The analysis period covers Cyclone Alfred, the first cyclone to hit south-east Queensland in 50 years, and associated flooding<\/a>.<\/p>\n It also includes the impact of last month\u2019s severe flooding in New South Wales\u2019s Hunter and mid-north coast regions. The disaster left about 10,000 buildings with flood damage, with an estimated 1,000<\/a> uninhabitable, and claimed five lives.<\/p>\n Outback<\/a> and north Queensland<\/a> also flooded this year.<\/p>\n Treasury expects most of the immediate loss in economic activity to take place in the March quarter.<\/p>\n Partial data for the March quarter has shown that retail trade and household spending have been the most significantly impacted as a result of the disasters.<\/p>\n Nominal retail trade in Queensland<\/a> fell 0.3% in February and 0.4% in March, according to Treasury analysis. Household spending was flat, with a 0.2% drop in Queensland.<\/p>\n Full March quarter national accounts will be released on Wednesday.<\/p>\n \u201cThe human impacts matter to us most, but the economic cost is very significant too, and we\u2019ll see that in Wednesday\u2019s national accounts,\u201d said the treasurer, Jim Chalmers<\/a>.<\/p>\n \u201cThe government will be there for people in disaster-hit regions, just like they\u2019re there for each other.<\/p>\n \u201cWe\u2019ve activated disaster assistance to the Hunter and mid-north coast regions of NSW, just as we did earlier in the year in Queensland and northern NSW.\u201d<\/p>\n The treasurer said the economic progress Australians had made lowering inflation, debt and unemployment meant \u201cwe\u2019re in a stronger position to provide support when communities need it most\u201d.<\/p>\n skip past newsletter promotion<\/a><\/p>\n Sign up to Breaking News Australia<\/p>\n Get the most important news as it breaks<\/p>\n Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy<\/a>. We use Google reCaptcha to protect our website and the Google Privacy Policy<\/a> and Terms of Service<\/a> apply.<\/p>\n after newsletter promotion<\/p>\n