Tuesday, January 11, 2011

Uncharted Waters

I am stuck at home... but thankful I still have a home. The unbelievable pictures coming across the television of the flash flooding in Toowoomba hold us all in suspense. It has just been said that the major areas of Caboolture and Strathpine are now also to be evacuated. It might just come to the point where we need to accept refugees (from Brisbane and the surrounding areas) - something I'd be happy to do for as long a necessary. All I can say is Hold Fast - help is on the way. Our thoughts and prayers are with you all.

All the devastation leaves me wondering though, what effect will this have on the Queensland, and for that matter, the Australia's economy.

Points to Consider:
  1. An economy the size of New Zealand has now ground to a holt. Drowning under the non stop rain.
  2. Thousands of houses across QLD and NSW have been substantially damaged or destroyed. Many without adequate insurance and with such high debt levels and the strain on the back pocket i wonder about the households ability to repair their property, pay the mortgage and feed the family.
  3. Add to this the hundreds of people out of work as business' lose weeks of cash-flow. I was speaking with one lady who's husband works in a mine (employed by a contractor) in Blackwater (central Queensland just out side of Emerald) and who can't get to work. His employer has told him he has to accept leave without pay or be 'put off' as the company can not afford to pay their staff while there is no production. 8 Staff have already gone. I am sure this is not an isolated case.
  4. Weeks of lost cash-flow is after a very slow Christmas for retail.
  5. Queensland Property prices are already on a downward spiral with listing substantially up, the damage to property, loss of wages and production will only escalate any ability for house prices to once again rise.
  6. Defaults are likely to rise due to the points above.
  7. Billions of State and Federal money will be used in the clean up and reconstruction.
  8. Can the Federal Government really afford a NBN when what we need now is roads, bridges, and welfare? 
These are uncharted waters for the people of Queensland indeed for the country. Its a shame our State Government didn't build more dams to catch some of it.

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