AUSTRALIA: DROUGHT MAJOR ECONOMIC THREAT
Australia's worst drought in a decade represents a major threat to the
economy, according to Treasurer Peter Costello, with little relief in sight
as fears mount over massive crop losses.
Costello's comments came as the authorities in New South Wales (NSW)
warned the state was facing the prospect of a total wheat crop failure and
officials in neighboring Victoria said the situation in the state's north
was critical.
Australia's main wheat exporter, AWB Ltd., has cut its crop estimates
by 10 percent and long-range weather forecasts indicate the drought will
worsen.
In July Costello downplayed the impact of the drought but after
touring rural areas changed his mind to rank it as an economic threat on a
par with recent weakness in international equity markets.
"The threats we see to the Australian economy are, to some degree, in
the rural sector with bad seasonal conditions, particularly in New South
Wales,.
"This will have an effect on production, and of course the
international situation remains weak".
Already 82 percent of NSW has been officially declared in drought,
along with about 20 percent of Queensland.
Large tracts of Victoria and Western Australia have also been without
adequate rain for months.
There appears little prospect of a break in the weather pattern, which
has been blamed on the El Nino effect of dry winds caused by high sea
temperatures in the Pacific Ocean.
The National Climate Center estimates there is a 70 percent chance of
drier than normal conditions over the next three months in NSW and
Queensland, the worst-hit states.
The Victoria government has said it will consider asking the federal
government for special financial assistance if there was no rain within a
month.
In NSW, the country's most populous state, the situation is even more
acute.
The state government's specially-appointed drought coordinator Geoff
File, has said most of the wheat crop had already been lost and other crops
may soon be under threat.
"Come October, because of the low water levels in the dams, it means
only 40 percent of the cotton will [be planted] and as little as 40 percent
of our rice will go in", File said.
The federal government's agricultural forecaster ABARE expects the
drought to cost grain farmers at least 1.0 billion dollars (540 million US)
and economists believe the overall price for the economy will exceed 2.0
billion dollars.
.... and the first condition will be to have those Newmont / Newcrest &
BHP / Billiton Mining Criminals put in irons .... and dragged in front
of that Royal Commission promised on their Crimes !
Sir Jean-Paul Turcaud
Discoverer of Telfer, Nifty & Kintyre mines in the Great Sandy Desert
Exploration Geologist & Offshore Consultant
Founder of the True Geology
~ Ignorance is the Cosmic Sin, the One never Forgiven ~
No regards
Sir Jean-Paul Turcaud
Australia Mining Pioneer
Discoverer of Telfer, Nifty & Kintyre mines in the Great Sandy Desert
Exploration Geologist & Offshore Consultant
Mobile +33 650 171 464
Founder of the True Geology
~ Ignorance is the Cosmic Sin, the One never Forgiven ~
for background info.
http://www.tnet.com.au/~warrigal/grule.html
http://users.indigo.net.au/don/tel/index.html
http://members.iimetro.com.au/~hubbca/turcaud.htm
http://www.abc.net.au/rn/talks/bbing/stories/s28534.htm
Email: sir.jean-paul.turcaud(at)neuf.fr
With best regards
Sir Jean-Paul Turcaud
Discoverer of Telfer, Nifty & Kintyre mines in the Great Sandy Desert
Exploration Geologist & Offshore Consultant
20 Avenue des Grandes
Guiardes La Rochelle, France
Bus ph + 33 6 50 17 14 64
Founder of the True Geology
~ Ignorance is the Cosmic Sin, the One never Forgiven ~
for background info.
http://www.tnet.com.au/~warrigal/grule.html
http://users.indigo.net.au/don/tel/index.html
http://users.indigo.net.au/don/tel/nac.html
http://members.iimetro.com.au/~hubbca/turcaud.htm
http://www.abc.net.au/rn/talks/bbing/stories/s28534.htm
