01 Apr Why nothing will hold this recession back
There is good reason insurers have failed in four of the past five years to estimate the cost of bushfires, hailstorms and floods – actuaries failed to predict the intensity of natural perils caused by climate change.
Ask the nation’s most eminent scientists about the possibility of recession on the east coast of Australia and they will answer with a resounding “yes” and warn it will probably be worse than expected.
We are not talking about two quarters of negative economic growth.
This is a recession that goes hand-in-hand with inundation and is potentially more financially destructive than a temporary dip in economic growth.
Source: Financial Review newsfeed, 1 April 2021