Queensland will delay its mid-year budget review as damage from floods inundating Australia's third most populous state may eclipse last year's record A$800 million ($819 million) spending on natural disasters.

The state's finances will be hit by the cost of rebuilding roads and infrastructure as well as the loss of income from mining, agriculture and tourism industries, Treasurer Andrew Fraser said in a statement today. The review was due in early January and no new release date has been set.

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Posted by mopeng at January 3, 2011 12:45 PM