Treasurer Jim Chalmers warns food prices will rise as floods hit farms in Victoria

Treasurer Jim Chalmers has warned Australians to expect food prices to continue to rise after Victorian farmlands were flooded.

Federal Emergency Management Minister Murray Watt said flooding could inundate up to 9,000 homes in northern Victoria and a further 34,000 homes in the south could be flooded or stranded.

“There will be an impact on the economy and there will be an impact on food prices,” Chalmers told the Today Show Tuesday morning.

“Unfortunately, we have seen prices in our supermarkets go up, and that is what we are facing again.”

Chalmers warned that while emergency payments to flood-affected residents are “important,” the government has not yet paid the full amount as flood response efforts are still underway.

“I’m not sure how much this will cost,” he said.

“As always, if there is more we can do responsibly, we can consider it.”

More coming.