Fiscal impact of Australian bushfires likely to deepen as consumers become more cautious – economic survey
A charred forest is pictured on a hill, burnt during the recent bushfires, near Lake Conjola, New South Wales, Australia, January 21, 2020.
That would shave around 0.25 points off gross domestic product in the December and March quarters, a development that some economists said could prompt the country’s central bank to cut rates as early as February and lower its growth projections. “The risk is that as economic loss from the bushfires materialises, consumers could still become more cautious in February,” said Citi economist Josh Williamson.
Australia is one of the world’s largest carbon emitters per capita due to its reliance on coal-fired power plants, and the bushfires have become a global talking point with regard to climate change politics. Morrison has repeatedly rejected calls for Australia to increase its carbon emission reduction targets, insisting such a step would it would do too much damage to the country’s economy.
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