Floods to weaken Australian GDP growth

By Xinhua News Agency

Oct 22, 2022 12:43 am

CANBERRA: Flooding in Australia's southeast will harm the country's projected economic growth, the country's treasurer has confirmed.

Ahead of handing down his first federal budget on Tuesday, Jim Chalmers on Friday said modeling suggests floods in Tasmania, New South Wales and Victoria will wipe 0.25 percent off gross domestic product (GDP) growth in the final quarter of 2022.

ECONOMIC DAMAGE Photo taken on Oct. 14, 2022, shows a flooded area in Victoria, Australia. Flooding in Australia’s southeast will harm its projected economic growth, the country’s treasurer has confirmed. XINHUA PHOTO

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