While a lot of Australian business visa holders are moving in to the country, many economic observers are still worried that there are still a lot of things that can affect the country's economy. And with that, they have cautioned the public to be prepared for what can happen.
One of these events that many businesses are awaiting for is the landfall of Cyclone Yasi in the country this week. According to meteorologists, Yasi is expected to be one of the strongest storms to hit Australia within four years. And with the expected amount of rains that it will bring, some are worried that it might have a significant impact.
It should be noted that Yasi is actually not the first storm that Australia will encounter with such strength. However, the recent flooding in Queensland brought by Cyclone Tasha has caused worry for many, as Tasha is considerably weaker than Yasi. One can recall that the floods brought about by Tasha brought in a lot of damage in the state of Queensland, which is yet to recover from it. The cost of rebuilding the state is estimate to be well within AU$ 10 billion. Yasi is expected to hit in the same areas that Tasha did.
In response to this, the Australian government has already prepared a comprehensive contingency plan. Several schools and establishments have already been ordered temporarily closed for the arrival of the typhoon. On the other hand, the coal mines in the regions, which were also severely affected during the previous floods, were also closed prior to the arrival of the cyclone.
However, it is not only Cyclone Yasi that Australia is bracing for. Many business experts are also closely monitoring another storm, this time of the political kind, and its effects to the country. As it is, while the current turmoil in Egypt may seem half a world away for many Australians some experts are worried that it will have an effect in the Australian economy in the long run. It can be recalled that Egypt is currently battling a major public unrest.
One of the likely effects of the political unrest in the country is an increase in the prices of fuel in Australia. As it is, the Suez Canal, located within the Middle Eastern country, is one of the major travel routes for oil bound for Australia. The tightening of travel through the canal will likely cause oil prices to increase as it hits the Aussie market. However, other than that, experts say that the effect of the situation to the land down under is at best minimal. Nevertheless, the Australian government said that it is well prepared to handle the effects of these.