With over 70% of affected Queensland, floods have caused an impact on many industries, including mining, property, transport and tourism. The economy has experienced problems such as consumer confidence levels fell in January with the consumer confidence index Westpac-Melbourne Institute fell 5.7%. Although only Queensland have been affected by floods at the time of the report, to fall outside the state still was 3.2%, representing a negative impact on other States who have concerns for the national economy and their own financial situation.
Although it seems that there are many short-term negatives, according to an Access Economics report, from the Queensland Australian economy should make new long-term gains, including through recent major projects approved in coal and gas.
The Queensland Government has rapidly evolved to help Queensland get back on their feet and in a week floods had created Queensland Reconstruction Authority, which will be responsible for developing and implementing a state plan to rebuild and reconnect communities across the state.
The plan will serve as blue print for the reconstruction of communities potentially shape the economic and social development of the areas affected by floods in generations.
It will coordinate with governments and local communities to ensure the unique characteristics of each community are taken into account in the reconstruction process.
Along with this, the Queensland and Australian governments offer a variety of scholarships and grants to help the needy and ensure the cash flow starts to work again and already millions of dollars has been distributed to the needy.
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