The health effects of air pollution come with a significant economic cost. The World Bank
and Institute for Health Metrics and Evaluation (2016) estimated that in 2013, welfare losses
in due to air pollution, given as a percentage of GDP equivalent, can vary from about 2.8% in
North America up to over 7% for South Asia. Australia's GDP for 2017-18 was $1 814 778 000
000 (Australian Bureau of Statistics 2019).
If the welfare losses due to pollution in Australia that year was 3.0%, estimate the value of the welfare losses.

Show the calculation and give the answer in a sentence.