Money Minute – March 31 Cyclone Debbie

Cyclone Debbie

The following is a transcript from the video:

It is good morning to you. We’re really going to think about those people affected by Cyclone Debbie and its really, serious aftermath. It’s going to test Australia and our economy. The first priority we’d said this this morning, the rescue’s making certain the people are safe. The next step is, many in North Queensland and now experiencing is assessing the damage and then cleaning up as best as you can. Then comes rebuilding.

Last night, Treasurer Scott Morrison told me the scale of the cyclone and the floods to South East Queensland and Northern New South Wales will undoubtedly hurt our economic growth. He also told me he’s personally called the bank bosses to make sure they assist people affected by disaster. Now last night, the Commonwealth extended its emergency assistance package to include not just those affected directly by Cyclone Debbie, but all those affected by the rain and the flooding.

All the banks including Westpac, ANZ, and NAB, are putting in place arrangement so those affected can have their mortgage payments suspended temporarily. Also providing emergency cash if that’s needed. Even suspending fees if you try and get money out of a different bank’s ATM. It’s a small measure, but it’s important. Now, Suncorp is Queensland’s largest insurer . It’s urging people to put their claims in as soon as possible, but now for those whose houses are severely damaged, cash payments up to $2,000 for emergencies will be allowed, but they urge certain things.

First and foremost, only got back when it’s safe, that’s obvious. Make sure your gas and electricity are turned off before you go back in. Watch out for broken glass and sharp objects. Now, do your best to dry your household and keep it ventilated as best as you can. If your carpets are wet, get them outside. You can throw them out but do keep a sample for the insurer. Spoiled food, make a list then chuck it out. Get the wet contents out, but make a list of all the damages.

Might I suggest, Jill, take lots of photos of all damaged items. If you can keep the serial numbers, the messages, health and safety first, and make a list, lots of photos. Stay safe out there, I got to tell you.

Now, the markets have not– The DOW Jones up by 65 points. The dollar, 76.56 US. Since you can see that—


Source: Today Money Minute/Ross Greenwood

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