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ICA welcomes Federal Budget’s disaster mitigation funding
The Insurance Council of Australia (ICA) tonight welcomed the 2021-22 Federal Budget as an historic Commonwealth commitment to funding resilience and mitigation measures to better protect vulnerable Australian communities against natural disasters.
The ICA and insurers have been calling for increased investment in resilience and mitigation measures for more than a decade, and the Morrison Government has tonight provided an allocation of $1.2 billion over five years to improve Australia’s capability to prepare for, respond to, and recover from natural disasters.
Insurers welcome investments in the future success of vulnerable communities, including $600 million for new disaster preparation and mitigation programs as part of the establishment of the new National Recovery and Resilience Agency (NRRA) and $40 million to make strata buildings in northern Australia more resilient to extreme weather events. To get maximum return from this investment the ICA calls on state and territory governments to match the Federal Government’s funding in their own jurisdictions.