Published: January 07, 2020
Fires will cripple consumer confidence and harm industries such as farming and tourism, Moody’s says
The economic damage from the bushfires devastating Australia’s eastern seaboard is likely to exceed the record $4.4bn set by 2009’s Black Saturday blazes, Moody’s Analytics has said.
The Moody’s economist Katrina Ell said the fires would further cripple Australia’s already anaemic consumer confidence, increasing the chances of a rate cut next month, as well as causing damage to the economy through increased air pollution and direct harm to industries such as farming and tourism.
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