FinancePerthNowWarning El Nino could wipe $13b from Australian economy
A strengthening El Nino could knock $13.4 billion off the Australian economy over the next two years, pushing up food prices and hurting farmers.
Farmers are already thinning their herds and varying planting rotations as they brace for lower rainfall driven by a harsh El Nino period.
Commonwealth Bank analysis warns a strengthening El Nino could cost the Australian economy around $13.4 billion over the next two years.
Farmers are already thinning herds, switching to less lucrative crops like wheat and barley, and stockpiling feed ahead of forecast drier conditions from summer.
Consumers should expect meat prices, particularly beef, to stay elevated because record US export demand is keeping prices high even as more livestock goes to slaughter.
Commonwealth Bank analysis warns beef prices are likely to stay high due to record US export demand, even as farmers send more livestock to slaughter in dry conditions.
Five minutes for you
More from Cuppa
G7 nations agree to release 100 million barrels of oil, including diesel, amid energy crunchG7 nations agreed to release 100 million barrels of oil, including a big diesel push in the first 20 days, to try to bring down soaring fuel prices.
Seoul's anger with Kyiv over POWs may be driven by worries about its ties to North KoreaSouth Korea has threatened Ukraine with unspecified punitive measures after Zelenskyy publicly revealed the secret transfer of two North Korean prisoners of war to Seoul.
19 Drops Out Of World’s Top 10 Causes Of Death For First Time Since Pandemic BeganCOVID-19 dropped out of the world's top 10 causes of death in 2023 for the first time since the pandemic began, as global life expectancy nearly recovered to pre-pandemic levels.
DR Congo Ebola outbreak killed more than 4,000: official figuresThe DR Congo Ebola outbreak has now killed more than 4,000 people from over 8,300 confirmed cases, with conflict and mistrust hampering the health response.
Lessons From Anniversaries: October 7, Three Years OnOn the third anniversary of the October 7 Hamas attacks, a foreign policy analysis reflects on how the Middle East has been reshaped by three years of escalating conflict.
Human Embryo Models Show Important Biological DifferencesA University of Sydney study found that lab-grown embryo models don't accurately replicate real human embryos, which matters for fertility and miscarriage research.
Magnitude 4.8 earthquake rattles Melbourne, VictoriaA magnitude 4.8 earthquake woke up Melbourne and regional Victoria just after 2am, with more than 10,000 people reporting feeling it within half an hour.
Eastern Spain braces for torrential rain and floodingEastern Spain is bracing for up to 300mm of rain and serious flooding, with Valencia shutting schools for nearly half a million children.