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looks like this is possibly going to be, in economic terms, the largest natural disaster in our history, he told Australian television.

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La Nina has also caused major flooding across a third of Sri Lanka, destroying 21 percent of the nation staple rice crop and raising fears of food inflation, while one million people were affected by heavy rains canada goose black friday sale in the Philippines.

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Queensland Premier canada goose Anna Bligh announced a judicial inquiry into the devastating floods on Monday, looking at issues including the operation of dams built to protect major cities.

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Canada Goose online But Australia CommSec, the investment arm of Commonwealth Bank, said economists were tending to over estimate the economic and financial impact, with activity to be boosted in the longer term through rebuilding, repair and refurbishment. Canada Goose online

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JP Morgan said Australia inflation risk had intensified due to the post flood rebuilding programs about to commence and given that the economy was already at employment The independent central bank could be forced to tighten rates more assertively in the medium term, it said.

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The floods were also likely to cause a spike in some food prices, lifting inflation modestly in the current quarter, while the huge scope of the canadian goose jacket rebuilding could add to price and wage pressures later in uk canada goose outlet the year.

As a result, analysts see little chance of the Reserve Bank of Australia (RBA) raising interest rates again in the next two to three months, but a heightened risk of Canada Goose online tightening once the full impact of the reconstruction is felt.

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