GDP

Saturday, June 06

Bushfires to cost nation $5b: Westpac

The bushfire crisis will cost Australia $5 billion in direct losses and lop off 0.2 to 0.5 per cent from its economic growth, Westpac has estimated.

The economy shrank in the September quarter to post its worst performance since the 2008-2009 global financial crisis.

The Australian dollar is pushing towards 73 US cents after the release of stronger than expected economic growth figures.

The economy is expected to have bounced back, thanks to a surge in the volume of mining exports.