$400 million investment in disaster funding marks a new high
The announcement of $400 million in investment in 187 resilience and mitigation projects is a strong indicator that disaster preparedness is of the utmost priority for the Federal Government.
The Federal Government’s $200 million Disaster Ready Fund (DRF), matched by states and territories, is an important milestone towards building stronger community resilience to extreme weather and will have an impact on premium pricing and reducing the protection gap.
The damage bill for extreme weather events since the 2019-20 bushfires has now exceeded $13 billion, including a record year for insurance payouts in 2022, with almost $7 billion in extreme weather claims.
Given the ongoing threat of climate change, the Insurance Council of Australia (ICA) has called for the DRF to be extended to a 10-year rolling program and for the funding to be indexed so it doesn’t fall in real terms.
“We need to see this same level of funding for at least the next 10 years to ensure that Australians receive the full benefits of resilience and mitigation investment, including stabilising insurance premiums in areas at high risk of extreme weather,” said Andrew Hall, CEO of Insurance Council of Australia.
Over $54 million for Victoria announced under new Disaster Ready Fund
Victoria will be better protected and prepared for future natural disasters following today’s announcement of 31 local projects funded under Round One of the Federal Government’s new Disaster Ready Fund.
Through the first round, Victoria will benefit from more than $54 million in combined investment into disaster prevention, through the Federal, State and delivery partner co-contributions.
Successful Victorian projects include:
- Remote bushfire detection to support early detection of fires
- Levee works in Moira, Mount Alexander and Wangaratta
- Upgrades to drainage infrastructure, pump systems, and other assets with current technology in Swan Hill
- Investigation of flood prone transport routes in North Central Victoria
- Modernising the pollen forecasting network to reduce future disaster risk statewide
- Building/improving the Centre of Excellence for Young People and Disasters.
$84 million for Queensland for disaster preparedness
The Federal Government has allocated $84 million to Queensland out of its $200 million Disaster Ready Fund.
As one of the State’s leading insurers, RACQ also welcomed the State Government’s decision to match the majority of this funding to pay for 50 large and small disaster resilience projects right across the State, from the Gold Coast up to Pormpuraaw in far north Queensland.
Big ticket projects include $18 million for a Flood Resilience Program in southeast Queensland, $8.6 million for a reservoir in Gladstone and $4 million for a disaster readiness project in the Lockyer Valley.
There is also a strong focus on coastal protection, including sea wall construction to protect the State’s beaches, and improved stormwater and catchment management.
$70 million for NSW under the new Disaster Ready Fund
New South Wales has received funding for 19 local projects funded under Round One of the Federal Government’s new Disaster Ready Fund.
NSW will benefit from more than $70 million in combined investment into disaster prevention, through the Federal, State and delivery partner co-contributions.
The fund will deliver national long-term mitigation support to protect communities from natural disasters. It also includes strategies to partner with Aboriginal communities to improve disaster readiness.
$47 million for South Australia projects announced under the new Disaster Ready Fund
South Australia has received a boost in resilience investment following the announcement of 23 local projects under Round One of the Federal Government’s new Disaster Ready Fund.
Through the first round, South Australia will benefit from nearly $47 million in combined investment into disaster prevention, through the Federal, State and delivery partner co-contributions.
The funding will help protect communities from natural disasters, including through building vital infrastructure like flood levees, seawalls and hazard warning systems.