The Queensland State Government has announced that the state’s damage bill will top $6.8 billion after the spate of natural disasters that hit the state earlier in the year.

 

Queensland Treasurer Andrew Fraser said work between all levels of Government had led to the latest costings of the floods and Cyclone Yasi climbing $1 billion above the initial estimate in February of $5.8 billion.

 

“The increase was largely due to new estimates from Councils who now estimate that they will require more than $2.7 billion in funds to undertake repairs - $900 million more than their initial forecast.” Mr Fraser said.

 

“One of the initiatives was a $330 million package for Councils, which includes funds to cover day labour costs, specific allocations for the CityCat terminals and Brisbane Riverwalk, as well as dedicated assistance for the Cassowary Coast Council – hit so soon after the devastation of Cyclone Larry.”

 

Mr Fraser said the State Government has already announced that the $1.83 billion in proceeds from lease of the Abbot Point Coal Terminal would be directed towards Queensland’s share of the costs.

 

“Under the longstanding NDRRA guidelines, Queensland will end up being liable for around $1.8 billion in damage costs when the loans provided are redeemed."