( CNN ) -- Australia 's government is considering spending cuts and a special tax to help offset the massive economic impact of recent widespread flooding , the country 's prime minister said . `` There will certainly be spending cuts ... and there may also be a levy , '' Prime Minister Julia Gillard told the Australian Broadcasting Corporation Thursday , according to a transcript of the interview released by her office . `` I 'm not in a position tonight to detail to you the areas . I am working on that now , '' she added . Are you cleaning up from the floods ? Share your photos , videos and stories . Official damage estimates for flooding are still being calculated . Earlier this month , Queensland state Premier Anna Bligh said rebuilding after the floods would have a `` multi-billion dollar price tag . '' Floodwaters also inundated homes and devastated thousands of acres of crops in the southeastern states of New South Wales and Victoria . `` We do n't have the total damage bill yet , but I want to be very blunt with Australians . We have a lot of flood damage to repair in Queensland . There will be some economic effects on GDP growth , a short-term effect on inflation with food prices and the like , but our economy is strong and we will get through this by pulling together , '' Gillard said . On Wednesday , Victoria state Premier Ted Baillieu said flooding in southern Australia and other parts of the country would have a significant economic impact nationwide . `` It is going to take some time . There is going to be a whack on our economy , '' said Baillieu . `` And it will be that effect right across Australia from Queensland in the north to Victoria in the south . '' Floods in Queensland state , which started more than a month ago , have killed at least 20 people , police said . The biggest impact to the economy is Australia 's burgeoning coal industry , which -- like other of the nation 's commodities -- helped buoy the nation 's economy through the Great Recession . Growth in Australia contracted during the financial crisis , but the economy escaped recession . Australia is the world 's largest supplier of coking coal , essential in steel-making , and is the second largest supplier of thermal coal used in power plants . Earlier this month the floods caused world coal prices to hit a two-year high . The Queensland region also is a major exporter of sugar , cotton and wheat . CNN 's John Raedler and Kevin Voigt contributed to this report .
In a television interview , Prime Minister Julia Gillard says she is pinpointing possible spending cuts . Score: 6 We have a lot of flood damage to repair , '' she says . Official damage estimates for flooding are still being calculated . Queensland state 's premier has said rebuilding will have a `` multi-billion dollar price tag ''