Australian Treasurer warns of higher inflation to come, jobs hit also

Australian Treasurer Chalmers will speak on Tuesday (local Australian time), addressing the impact of a cyclone (that was downgraded from cyclone when it made landfall) that hit coastal communities in Queensland and NSW.

Chalmers will speak of:

  • preliminary estimates of the GDP subtraction of around quarter of a
    percentage point off quarterly growth
  • could also
    lead to upward pressure on inflation via increased building costs, damaged
    crops raising prices for staples like fruit and vegetables
  • temporary shutting of businesses due to the cyclone lost about 12
    million work hours

This article was written by Eamonn Sheridan at www.forexlive.com.

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