When a meteorological event is categorised as "one in forty years" (or any other time period), this is simply the average time interval between these event, predicted on the basis of existing meteorological records.
Since the oldest continuous records in Australia go back less than 200 years (Sydney), and for most parts of the country little more than 100 years, when you are talking about events that, on average, only occur every forty years, the "average", is the average of not many data points.
And it needs to be pointed out that something that is "one in forty years" does not mean it will happen every forty years - that is only one data point. For a reasonable number of data points, it would be more reasonable to say it would occur five times in two hundred years - but the occurrences do not have to be forty years apart.


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