Australian council supports new funding round for disaster mitigation

The fund provides $125.8m (A$200m) annually.

The Insurance Council of Australia (ICA) welcomed the opening of the third funding round under the Federal Government’s $630m (A$1b) Disaster Ready Fund, aimed at mitigating the physical, economic, and social impacts of extreme weather events. 

The fund provides $125.8m (A$200m) annually, with $86.8m (A$138m) of this year's allocation directed toward critical resilience infrastructure to reduce risks from bushfires, floods, and cyclones. 

The ICA emphasised that rising climate risks, increasing asset values, and population growth in high-risk areas make such investments essential. 

CEO Andrew Hall highlighted the importance of smarter land use planning and building durable homes to help curb rising insurance premiums in vulnerable regions. 

The ICA also stressed the need for long-term resilience strategies, advocating for the Disaster Ready Fund to evolve into a ten-year rolling programme. Hall noted that delaying investments in resilience infrastructure will lead to higher costs for the nation in the future. 

($1.00 = A$1.59)