The federal treasury has estimated last year's catastrophic flooding

The federal treasury has estimated last year's catastrophic flooding events cost the nation's economy upwards of $5 billion. With more floods ongoing in Western and South Australia, the government is forecasting natural disasters to be one of greatest risks to the economy this year, too.

Federal Treasurer Jim Chalmers speaks to the media during a visit to Mountain Blue Farms Blueberry factory in Lismore, NSW, Friday, January 13, 2023. (AAP Image/Jason O'Brien) NO ARCHIVING Source: AAP / JASON O’BRIEN/AAPIMAGE