Looters spotted on flood-hit Melbourne streets; Cost of living impact forecast from floods; Thousands of homes under threat; Echuca to be at ‘major flood level’ for more than 24 hours; Storms are heading for parts of Queensland today

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.”