‘We are a ghost town’: Counting the cost of Australia’s bushfires
Al JazeeraThe agriculture and tourism industries are feeling the worst effects of Australia’s devastating bushfire season. “The costs also remain manageable for the general government, with the immediate fiscal costs expected to be less than 0.1 percent of Australia’s gross domestic product in 2020 and 2021,” Moody’s Analytics said in a recent statement. And AMP Capital’s head economist Shane Oliver predicts the fires will shave about 0.4 percentage points off Australia’s economic growth rate this year. “This is especially difficult for the areas that are beach holiday towns … which are shutting down during their peak tourist period.” Tourism accounts for 3.1 percent of Australia’s economy and employs 666,000 people, or 5.2 percent of the country’s workforce, according to government figures. Deloitte Access Economics said in a 2017 report that the total economic cost of natural disasters in Australia is growing and will reach 39 billion Australian dollars a year by 2050.