Recent flooding in North Queensland has raised concerns regarding potential increases in the prices of bananas and sugar as the region, which contributes approximately four percent to Australia's agricultural production, faces significant disruptions.

Australian Federal Treasurer Jim Chalmers indicated that the economic impacts of the flooding could reduce the country's GDP by an estimated 0.1 percent in the March quarter, with anticipated upward pressure on prices for some goods, specifically bananas and sugar.

Chalmers reported that up to 20 percent of the Australian banana crop might be affected, exacerbated by damage to road networks that impairs supply chains.

During a press briefing, Chalmers emphasized the government's focus on addressing the ongoing human costs of the flooding while acknowledging the likely economic ramifications.

The clean-up effort for affected agricultural growers is just beginning, as assessments of damage are hindered by continued rainfall in the region.

Rachel Chambers, Chief Executive of Queensland Fruit & Vegetable Growers, stated that it may take weeks to fully understand the extent of the damage, as many growers cannot access their farms due to washed-out internal roads and significant erosion.

Chambers reported receiving images from growers detailing substantial crop destruction, highlighting the plight faced by growers whose harvested produce has been left in trucks unable to move for several days.

As a result, there is concern about crops perishing before they can reach market.

Dan Galligan, Chief Executive of Canegrowers, described the flooding as a severe disaster affecting nearly one-third of Queensland's sugarcane growers, particularly in areas such as Ingham, which is known for its extensive sugarcane production.

He noted that approximately four million tonnes of sugarcane has been submerged.

Although sugarcane is generally resilient to flooding, the true impact on productivity is expected to become evident during the upcoming harvesting season.

Galligan asserted that the immediate financial consequences of the flooding would primarily affect the local community, rather than consumers at large.

He remarked that over 85 percent of Queensland's sugar production is exported, meaning domestic supply may not be significantly compromised.

Despite this, he anticipates a considerable economic toll on the Ingham community as losses for local farmers ripple through the economy.

Forecasts indicate that more rain is anticipated across northern Queensland regions, including Cape York Peninsula and Burdekin, with up to 200mm of rainfall expected before conditions improve.

Road closures have led to significant delays, with approximately 200 trucks stranded in Townsville awaiting road reopenings and nearly 100 trucks at other locations unable to deliver goods due to ongoing access issues.

Recovery from the floods may take time, particularly for Gulf communities that remain cut off.