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Predicted shift to El Nino to hurt farmers | ABC News Top Stories

Published 19 hours ago
Description

Australia's Treasurer Jim Chalmers says he has met with the Reserve Bank Governor Michelle Bullock to compare notes on economic forecasts before he flies to the US for a series of key financial meetings related to the war in the Middle East. 

A big talking point is the latest dire outlook from the International Monetary Fund which warns if the war drags on there could be a global recession and high inflation.  

As farmers deal with sky high diesel and fertiliser prices, the weather bureau is now warning it could be a rough year ahead. 

A potential return of El Nino conditions means Australia's weather this year will likely make a rapid shift from flooding to drought, extreme heat and bushfires.

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