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New South Wales Premier Dominic Perrottet has announced a $551 million support package for victims of the flood crisis. Perrottet says about 9,200 homes in the state’s Northern Rivers region have been assessed to date, and some 5,500 were found to have been damaged; more than half of them have been deemed to be uninhabitable.
More than 17,300 homes in south-east Queensland have also been assessed for flood damage, and about 1,800 were found to have been severely damaged. The rising price of building materials and limited supply is expected to prolong the rebuilding process in both states.
From The AFR:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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