Yes. All of it. Australia's GDP will take a sizeable hit from the loss of grain crops — all food crops in general. I am personally aware of huge losses around Kerang in NW Victoria which was flooded first in September then again this month, giving no time for farmers to repatriate marginal crops. Grain crops are now 97% wiped out. We reckon many farmers — having first endured 16 years of drought, then floods of biblical proportions, will just walk off the land now; the loss would be too great for many to stand up to.
This enduring verse by Australian poet Dorothea Mackellar (she was blind) sums it up:
Link to 'My Country'