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