New research suggests fire ants could cost Australia $22 billion by 2040

New research suggests red imported fire ants (RIFA) could cost Australia $22 billion by the 2040s, making it one of Australia's worst invasive pests.

The research, from public policy think tank The Australia Institute, questions the government-commissioned modelling, suggesting it downplays the risk the ants pose.

The institute said the government-commissioned modelling looked at only a 15-year timeframe and "ignored" the $2.5 billion a year in damages that red imported fire ants (RIFA) would cause beyond 2035.

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"This means that it is less costly to spend $200 million or even $300 million per year every year for the next 10 years (which would be a total of between $2 billion and $3 billion) to eradicate RIFA now," study authors Dr Minh Ngoc Le and Rod Campbell said.

The findings were released yesterday, a day before a report into the impact of RIFA on Australia was due from a parliamentary committee.

The government inquiry is examining the expected cost of RIFA's potential spread across Australia, including the impact on human health, agriculture, the environment, infrastructure, and regional workers.

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It will also look at potential plans for eradicating the ants, and what level of funding would be necessary.

"Eradicating fire ants is not only one of the best environmental policies governments could pursue, but also one of the best economic policies," Le said.

"Putting an economic value on environmental and household impacts of fire ants is very difficult, but it is clear that economic modelling done to date has not accurately assessed the damage this invasive species could cause and the opportunity of investing in their eradication.

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"Governments should pursue the plans proposed by the National Fire Ant Eradication Program, including spending $300 million per year on eradication, because the future benefits will vastly outweigh current costs."

The research estimated that every dollar invested in eradication would return "$3 to $9 in benefits".

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