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Treasurer Jim Chalmers has warned the damage bill from the floods is going to run into the “billions of dollars”, with the full cost not yet known.
“We’re still counting the cost and assessing the damage,” he told Today.
But he reiterated the warning there would be a “substantial” impact both on the cost of living, and on the federal budget to be handed down next week.
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“We don’t yet know what the full impact will be,” he said.
“When it comes to the cost of living, we have seen this before, unfortunately.”