Damages record of $4.4b from the 2009 Australian bush fire called Black Saturday is set to be broken by the intense wildfire currently battled in the Country, according to Moody Analytics.
The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as causing damage to the economy through increased air pollution and direct harm to industries such as farming and tourism.
Fires have charred about 8.4 million hectares of land compared to the 450000 from the 2009 Black Saturday blazes where about 173 people were killed. Currently, reports show that about 25 people have been killed by the ongoing fire.
Tourism in the country has already taken a significant hit during what is supposed to be a Peak season and Tourism bodies say it will cost billions to rebuild.