Devastating floods that swept NSW and south-east Queensland this year were the most expensive natural disaster in Australian history, new data shows.
The cost of the floods, which killed almost two dozen people and ravaged the town of Lismore in NSW’s Northern Rivers region, has reached more than $5.65 billion, according to data released by the Insurance Council of Australia (ICA) on Wednesday.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
