The bushfires across the states of Victoria and New South Wales threaten to slow down the Australian economy, said the chief economist at BetaShares Capital.
Australian Prime Minister Scott Morrison and his conservative government have faced much criticism for not doing enough to address the climate issues domestically and internationally. On Monday, the prime minister announced that his government will be committing $2 billion Australian dollars over two years to bushfire recovery, Reuters reported.
"Even before the fires, I thought they would cut another two times given the weakness of the economy," the economist said. "A cut in February is still very, very likely and then a cut within the next few months. Beyond that, what they've said is that they probably don't want to go beyond 0.25% which is very close to zero."
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
https://ew.comEntertainment Weekly has all the latest news about TV shows, movies, and music, as well as exclusive behind the scenes content from the entertainment industry.
Read more »
Authorities warn Australian bushfires developing their own weather systemsThe bushfires ravaging Australia are generating so much heat that they are creat...
Read more »
Authorities warn Australian bushfires developing their own weather systemsThe bushfires ravaging Australia are generating so much heat that they are creat...
Read more »
Horse guides rider fleeing Australian bushfires to find safety at pubChoking smoke from raging bushfires blocked Bec Winter's path to safety but...
Read more »
Australian bushfires ease on cooler weather, death toll risesA weather change eased fire threats in southeastern Australia on Sunday after a ...
Read more »