Treasurer Jim Chalmers has warned of a budget hit from the natural disasters ravaging eastern Australia, as Queensland’s bill for cyclone and storm damage edges above $2 billion and central Victorian towns were evacuated as floodwaters rose.
Residents of Seymour and Yea, both north of Melbourne, were evacuated on Monday and several townships across Victoria and southern NSW were put on watch-and-act alerts as heavy rains continued.
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
