Banana Prices Could Spike as Floods Destroy 20 Percent of Crop

Treasurer Jim Chalmers says national GDP could see a slight impact as well.

A large stack of bananas is displayed in a supermarket in Perth, Western Australia, on March 17, 2024. Susan Mortimer/The Epoch Times

Treasurer Jim Chalmers has revealed the economic cost the devastating floods in North Queensland will have on the country.

Chalmers, who is also a Queenslander, said that while the overall impact on inflation is not estimated to be substantial, the loss of crops could lead to price increases for bananas and sugar.