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Topic:Government and Politics
Treasurer Jim Chalmers says the clean-up bill from ex-Tropical Cyclone Alfred will cost the budget $1.2 billion.
Follow all the updates in our live blog.
By Nicole Hegarty
Treasury has put the cost of ex-tropical Cyclone Alfred at $1.2 billion as southeast Queensland and northern New South Wales continue to clean up the destruction left in its wake.
Treasurer Jim Chalmers will warn the cost places new pressure on inflation and the budget in a speech to the Queensland Press Club on Tuesday.
A week out from handing down his final budget before the election, Chalmers will say initial estimates point to a quarter of a percentage point hit to quarterly growth.
"We don't yet know the precise cost to our budget, but again it will be significant," he'll tell the room.
"I expect that these costs and these new provisions will be in the order of at least $1.2 billion, a substantial amount of money and that means a big new pressure on the budget."
The additional cost will take the federal government's disaster support to at least $13.5 billion, with $11.6 billion of that already included at MYEFO.
Chalmers is also expected to detail the possible economic impact of escalating trade tensions, prompted by US President Donald Trump's pursuit of tariffs.
By Courtney Gould
Hiya friends.
Welcome to another Monday on the politics live blog. I hope you all had a lovely weekend. Courtney Gould from the ABC's Parliament House team here to guide you through the morning.
Let's go!
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