$50 million mitigation funding increase is a leap in the right direction

Published:

Today’s decision by the Senate to increase mitigation spending by $50 million a year will make a significant difference to communities exposed to the wrath of extreme weather and natural disasters.

Insurance Council of Australia (ICA) CEO Rob Whelan said the insurance industry and many other organisations - including APRA, the ACCC and the Productivity Commission - had long called for a dramatic increase in funding.

He said investments in permanent mitigation to help prevent or reduce the impact of extreme weather, rather than handing out money following natural disasters, was a much more sensible use of taxpayer funds.

“The Insurance Council and its members are delighted, as should hundreds of thousands of Australians living in regions exposed to floods, cyclones, severe storms and bushfires,” Mr Whelan said.

“This is a timely decision, which comes at the start of disaster season. Already, many communities have felt the effect of early-season bushfires, and the cyclone season is just around the corner.

“We are poised to assist the Commonwealth in developing mitigation action plans and identifying communities where investments in mitigation will have the most impact.

“Only three weeks ago, APRA said investments in mitigation and resilience, alongside the removal of punitive taxes on insurance, were the only viable ways to reduce insurance premiums in northern Australia through reducing the physical impact to communities.

“Today’s decision by the major political parties in the Senate adds $50 million a year to the amount the Commonwealth will be able to spend. Though it is unclear what the total annual mitigation budget will be, we believe it will be much closer to the $200 million-a-year federal investment the Productivity Commission recommended in 2014.

“The ICA now urges state and territory governments to also commit to significant investments in mitigation.

“The insurance industry is standing by to reduce insurance premiums wherever permanent and effective risk reduction is deployed. Premium reductions from previous mitigation efforts have been significant to many communities, and the best outcome is that these towns become more economically and socially sustainable for many generations.”

 
Business Business & Economy
Social:   

Privately Submitted Article or Event :
See Above Article or Event for Address, Sunshine Coast Wide
Privately Submitted Article or Event
Showing 10+ recent articles for this business
Sunscreens users at risk of liver and kidney failure, says new study 22 January 2020 | A new study has found that sunscreen leaches up to 360 times more toxic chemicals into the blood than the Food and Drugs Administration (FDA) allows, raising risks for liver and kidney failure. More information...
How to take control of your money in 2020 16 January 2020 | So, you’ve packed away the Christmas tree, put away the good silverware and finally taken the time to think about where you are headed financially for 2020. More information...
Madame Tussauds is offering a budding young creative the chance to experience life behind the scenes as a Mini Studios Assistant 13 January 2020 | Ever wondered what goes into creating the magic at the world's most renowned wax attraction? Madame Tussauds Sydney is on a nation-wide search for one lucky child to win the chance to be the attraction's first... More information...
BIG W Research Reveals Rising ‘Back to School’ Costs 13 January 2020 | Aussie families are expected to spend an average of $538 per child on school supplies and uniforms in 2020, representing a $62 or 13 per cent increase on last year, according to YouGov’s Annual Back to School... More information...
Tam Wrigley Leading Closet Clear Out To Raise Money For The Bush Fire Appeal 13 January 2020 | Media personality and Myer fashion ambassador Tamara Wrigley is holding a Fashion Fire Appeal on the Sunshine Coast to raise money for the Bush Fire Appeal. More information...
Federal Bushfire Royal Commission should not be called 08 January 2020 | Federal Royal Commission should not be called for the following reasons, call for focus to remain on fire service personnel and bushfire-affected communities amid catastrophic national bushfire crisis More information...
Winner of Australia’s leading sustainability award spotlights SDGs 04 December 2019 | A social, not-for-profit enterprise enabling progress towards 15 of the 17 United Nations Sustainable Development Goals (SDGs) has won gold at Australia’s foremost sustainability awards. More information...
World First: Australian extreme swimmer attempts to be the first person to swim the English Channel in winter this December 02 December 2019 | This December, 46 year old Sam Penny, extreme swimmer, cheese monger and father of four will push through the pain barrier of numbingly cold water, freezing winds and physical exhaustion in a bid to become the... More information...
Toys "R" Us reveals top 15 gifts for Aussie kids this Christmas 19 November 2019 | Santa has made his list, checked it twice, and released the top toys for children this Christmas - with some help from Geoffrey the Giraffe and his “elves” at Toys”R”Us. More information...
Rental Guarantees Create Losses For Property Investors 07 November 2019 | As our property downturn finally starts to turn around, investors are being enticed by “rental guarantee” sales packages.   More information...


comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service