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Reuters
Reuters
Business

Australia floods to dent Dec-qtr GDP, spur inflation - Treasurer

Jim Chalmers Australia Inflation GDP Economic Growth Federal Budget
FILE PHOTO: A local resident cleans up amidst piles of debris following severe flooding and damage to homes in the Maribyrnong suburb of Melbourne, Australia, October 17, 2022. REUTERS/Loren Elliott

Widespread floods that have inundated large parts of Australia's southeast will dent the country's economic growth and increase inflation, Treasurer Jim Chalmers said on Friday, ahead of next week's federal budget.

Floods will likely detract a quarter of a percentage point from GDP growth in the December quarter, and add 0.1 percentage points to inflation in the December quarter and again in the March quarter, Chalmers said during a media briefing.

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