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Australian PM Warning On Drought
bbc ^ | 10-13-2006

Posted on 10/13/2006 8:27:54 AM PDT by blam

Edited on 10/13/2006 8:38:32 AM PDT by Admin Moderator. [history]

Australian PM warning on drought


Mr Howard still presides over a growing economy

Australian Prime Minister John Howard has said that the country's worsening drought could hit economic growth. Mr Howard said the drought, which some experts have described as one of the worst on record in Australia, would "affect our GDP growth".

Global wheat prices surged to 10-year highs earlier this week after Australian officials warned the country's harvest could be cut in half.

However, Mr Howard called for analysts to "keep a sense of perspective."

"The country overall is still doing very well," he said.

Abandoned crops

Australian economic growth slowed to 1.9% in the second quarter, the slowest pace in three years, although economists are expecting the economy to pick up speed in the third quarter.

Demand for grain is increasing, putting pressure on prices

Mr Howard said it "remained to be seen" how much effect the current drought would have on Australia's economy.

"It depends on the extent to which our booming economy in other areas can offset it," he said.

Australian Crop Forecasters on Wednesday cut wheat production estimates for 2006/7 to 11.5 million tonnes, from 25 million a year earlier.

The country's Bureau of Agricultural and Resource Economics last week cut winter crop forecasts by more than a third because of the extremely dry weather.

According to official figures, eastern Australia has had five years of below average rainfall, and more than 90% of New South Wales, which contains Sydney, is said to be suffering from drought.

Reports said that farmers have abandoned crops in South Australia, Victoria, and New South Wales.

TOPICS: News/Current Events
KEYWORDS: agricultural; australian; drought; warning

1 posted on 10/13/2006 8:27:54 AM PDT by blam
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To: blam
Wheat Prices Jump To 10-Year High
2 posted on 10/13/2006 8:29:11 AM PDT by blam
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To: blam; Aussie Dasher; All

HEY AD is the weather that bad???

3 posted on 10/13/2006 9:10:32 AM PDT by SevenofNine ("Step aside Jefe"=Det Lennie Briscoe)
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To: SevenofNine

Odds are good that the drought will get worse. El Ninos typically hit Australia hard with drought, and we have one developing now.

4 posted on 10/13/2006 9:11:53 AM PDT by dirtboy (Good fences make good neighbors)
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To: SevenofNine

Yep. It's not flash. Our bushfire season has ALREADY started!

5 posted on 10/13/2006 8:20:45 PM PDT by Aussie Dasher (The Great Ronald Reagan & John Paul II - Heaven's Dream Team!)
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