The bushfire crisis will cost Australia $5 billion in direct losses and lop off 0.2 to 0.5 per cent from its economic growth, Westpac has estimated.

The bank sees the cost of the disaster as comparable to the 2009 “Black Saturday” fires in Victoria, which destroyed 2,029 homes while causing a far greater loss of life with 173 direct fatalities.

The bank sees the cost of the disaster as comparable to the 2009 “Black Saturday” fires in Victoria, which destroyed 2,029 homes while causing a far greater loss of life with 173 direct fatalities. (Facebook)

“That would put the cost in terms of insured and uninsured losses at around $5bn,” Westpac said.

As of Friday there have been

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