The washup: The economic cost of Auckland’s floods

The washup: The economic cost of Auckland’s floods
Extensive flooding in Auckland shattered records. (Image: Getty)
Staff reporters
As Auckland assesses the impact of Friday’s floods, one economist estimates the cost of the extreme weather event could be as high as $460 million.The supercity’s rain records were shattered on Friday with Metservice’s Auckland Airport weather station recording 245mm of rainfall, surpassing the wettest day ever on record, from 1962, of 161.8m.The downpour took four lives, closed roads, damaged properties, shut businesses and prompted Mayor Wayne Brown to declare a state of emergency in the city.Best estimates Infometrics...

More Economy

Core Crown tax revenue higher than expected in May accounts
Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Albanese pledges prosperity through manufacturing boost
Economy

Albanese pledges prosperity through manufacturing boost

Renewable energy and critical minerals key focus of $24 billion strategy.

AAP 10:00am
Business gloom offers inflation hope
Economy

Business gloom offers inflation hope

The New Zealand Institute of Economic Research’s (NZIER) Quarterly Survey of Business Opinion shows a continued deterioration in business confidence in the second quarter.A net 35% of firms expected a deterioration in the general economic outlook over the coming months on a seaso...

Staff reporters 02 Jul 2024