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Cyclone Alfred Drives $1.2 Billion Budget Deficit in Australia

The cyclone's economic toll has shifted the federal budget into deficit, with recovery efforts focusing on infrastructure repairs and disaster support funding.

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Overview

  • Treasurer Jim Chalmers confirmed Cyclone Alfred's $1.2 billion economic impact, reducing GDP growth by a quarter percentage point this quarter.
  • The federal budget, previously in surplus, is now projected to show a deficit due to increased disaster recovery spending.
  • Disaster support funding has risen to $13.5 billion, including $30 million allocated for immediate infrastructure repairs and hardship payments.
  • Cyclone Alfred affected five million Australians, damaged two million homes, caused 450,000 power outages, and resulted in 12 million lost work hours.
  • The cyclone has delayed the federal election, initially expected in March, with recovery efforts taking priority over political campaigns.