Cost-Of-Living Set To Soar Following Floods
“Brace ourselves for impact”
Australians have been warned to “brace for a cost-of-living impact” following the floods.
Treasurer Jim Chalmers spoke at Canberra Monday morning and said while the floods are foremost a “human tragedy”, the nation should be prepared for the consequences the events have on the economy and the budget.
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“I think we need to brace ourselves for the impact of these natural disasters on the cost of living, we’re talking here about some of the best growing and producing country in Australia, and it has been seriously impacted whether it’s the destruction of crops or the inability to access some of this farmland, whether it’s livestock, and other consequences,” Mr Chalmers said.
“Australians do need to brace for a cost-of-living impact from these floods.
“These are likely to push up the cost of living when Australians are already under the pump [and] it will have obvious consequences for the budget.”
Mr Chalmers also addressed the budget and said it will have “responsible cost-of-living relief,” with the country reminded not to forget about the dire situations the budget is based off.
“It’s also a reminder of the backdrop for this budget, which I will hand down in this building in eight days’ time,” he said.
“High and rising inflation, a consequence now of natural disasters, but also of global factors, the war in Ukraine, issues with our own supply chains here at home, secondly, the persistent structural spending pressures we have spoken about quite a lot, including skyrocketing borrowing costs on the debt we inherited in the budget, and thirdly, of course, the deteriorating global economy.”
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