Satellite images reveal the extent of Australian bushfire damage

Australian Prime Minister Scott Morrison is set to meet insurance and bank executives to discuss the ongoing crisis.

According to the Insurance Council of Australia, the damages are going to cost $485.59 million. This figure is expected to jump further as fires continue to gain traction.

Scores of people have been rendered homeless, with disruption in electricity and telecommunications, and also drinking water.

Rescue efforts in tandem with the military are ongoing.

Bushfires have started to create a ripple effect on the economy. The gauge measuring consumer confidence in Australia fell to its lowest level in four years. Additionally, job advertisement data recorded the most drastic drop in seven months.

The fires, that have been burning for months, have razed more than 8 million hectares of land across Australia. 25 people have been killed and thousands of homes destroyed.

Almost 2,000 houses have been confirmed destroyed in Australia's months-long bushfire crisis, as crews prepare frantically for more forecast danger. 

The Australian military today helped to bury 4,000 dead sheep and cattle to curtail diseases from spreading as the corpses rot.