Category Archives: Cyclones

PC natural disaster funding recommendations could cost Qld over a billion

The Productivity Commission has injected a huge dose of economic rationalism into its recent draft report on natural disaster funding, which contains a recommendation to cut future Commonwealth support from 75% to 50% of the repair bill – a recommendation … Continue reading

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Economic impact of natural disasters

Having grown up in Townsville, I know very well that North Queenslanders are a resilient bunch and will recover quickly from the impacts of Cyclone Ita, although, as we’ve seen, the immediate impacts on some families and communities have been … Continue reading

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Disasters have had huge budgetary impacts

The Queensland State Budget is out and it contains a clear analysis of the huge budgetary impact of natural disasters, particularly: the large expenditure associated with disasters (e.g. around $2.5 billion to deal with ex-Tropical Cyclone Oswald’s impacts); and the … Continue reading

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Growing list of impacts and costs of big wet

One economic impact I failed to explicitly mention in my post yesterday on the economic impact of the big wet is the impact on the sugarcane crop, which may be very signficant, as reported in the Courier-Mail this morning: Yesterday, … Continue reading

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Economic impact of the Big Wet in Queensland

The heavy rain, winds and floods that have resulted from ex-tropical cyclone Oswald have caused a large amount of human suffering and will have an adverse short-term impact on Queensland’s economy. I expect the adverse short-term impacts will arise mainly as … Continue reading

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Insurance Council admits ignorance on strata insurance hikes and funds JCU research

In a post last month, I observed that the Australian Government Actuary found insurers were struggling to understand the risks they face from natural disasters such as cyclones, and hence it is possible that huge increases in insurance premiums for … Continue reading

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Govt Actuary finds insurers struggling to understand catastrophe risk

North Queensland apartment owners will have to put up with the massive insurance premium increases (e.g. more than 300%) they have experienced in recent years after an Australian Government Actuary report concluded the premium increases most likely reflected the market … Continue reading

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