Brisbane is keen to spread the word: floods won’t dampen spirits or finances for long.
Industry forecasters, IBISWorld, predict the city will receive a $10 billion economic boost due to rebuilding efforts.
Brisbane’s Lord Mayor Campbell Newman said it’s vital at this time to assure business and industry that Brisbane has resumed operations.
“An active business and industry sector is an extremely important part of the rebuilding process of the city,” Cr Newman said.
“Despite the challenge of the recent flood, Brisbane remains an economic powerhouse and we will work with all levels of government and business to ensure the city’s speedy economic recovery.”
“We need to work together to ensure that other sectors continue to prosper and ensure that Brisbane remains a significant contributor to the economy.”
Economists previously reported that the flood crisis could cut Australia’s GDP by up to 0.3% across 2011.
In a special report released by Westpac earlier this month, the bank warned: “Overall we see a ballpark estimate of a 0.3% hit to annual GDP as a reasonable assumption with inflation being boosted by 0.1% to 0.2% in the first quarter.”
“The timing of the hit and recovery means we could see first quarter GDP drop by as much as 1% before the recovery boosts growth.”
(Image source & many thanks to: Emmett Anderson)