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While the rest of the world was sobering up from the inebriation of the joys of the festive season, Australia was caught in a thick morass of crises, stemming from the protracted spates of floods that hit many parts of the country. Although the US, the developed economies and the rest of the world somewhat remained nonchalant to the floods, due to attention that had been paid to the tragedies of January 11th 2011 Arizona shootings, yet the magnitude of the floods are confirmed by the destructive trails of cataclysms it left behind. Abdelaziz (January 10th, 2011) reports for CNN how on Monday, January 10th, 2011, Toowoomba City in eastern Australia was hit with flush floods which literally swept off cars from the road.
While reporting for BBC, Bryant (January 11th, 2011), divulges that by January 11th 2011, more than 70 people had been reported missing as eight others confirmed dead, according to the state of Queensland Police reports. This development is a culmination of the seasonal flooding that had been taking place in Queensland since November 30th 2010. The flooding had already caused rivers to spill over the banks and to reach record high levels.
This development came a historical backdrop whereby it was in 1893 where Australia first experienced a flood, in Brisbane. The same Brisbane River burst its banks in 1974 after serious floods inundated it. On June 23rd, 2010, death toll reached 25 after Brisbane was struck by serious floods. On January 2nd, 2011, floods proceeding from 2010 continued unabated, and took the second phase on 17th January when it resumed full force.
Voigt (January 12th, 2011) reports for CNN that the economic losses that have been incurred as a result of the flooding cannot also be gainsaid. This is to the effect that economists are poignant that the floodwaters of Australian floods have been turbulent enough to sweep away the economic gains that had been made since the Great Economic Recession from off Queensland. This is partly due to the fact that the flood had over 15,000 homes under it, while also hitting the domestic tourism areas in Queensland. This far outweighs the floods of the 1970s as 3.1 million had been affected.
Above all, the undermining of the Australian economy is underpinned by the fact that the flood also stalled the operations of the Australian coal industry which had already elicited sharp demands from China and India, thereby making Australia the world's largest supplier of coking coal. According to The News, RBA estimates that the floods caused billions of dollars of damage and are estimated to slight the growth of Australia's economic growth by 0 .5%. That the flood hit farmers the most is best epitomized by pineapple farmers who were forced by the flood to abandon overripe crops as farms became cut off by flood waters.
- Current Account Deficit
- BRIC Sovereign Debt Crisis
- Government Intervention in Agricultural Activities
- Effects of Unemployment