There needs to be “transformational change” in Australia’s approach to disaster mitigation funding and building resilient communities, a disaster management session in Canberra was told on 6 August.
ALGA News attended the ANU Disaster Solutions Update 2024, which heard from a range of experts, including National Emergency Management Agency Coordinator-General Brendan Moon, Federal Minister for Financial Service Stephen Jones and Insurance Council of Australia (ICA) CEO Andrew Hall.
The main focus of the one-day seminar was on the latest research and innovative solutions in disaster finance, as well as the key role of communities, government, including local government, and the private sector.
Addressing the topic of ‘funding a resilient Australia’, Mr Moon highlighted the importance of local governments in rebuilding stronger communities, and the need for funding to undertake large mitigation projects. Mr Moon said there also needs to be more capacity to build “big mitigation” infrastructure, which needs a “transformational approach”.
Speaking about ‘closing the insurance protection gap’, Mr Hall said Australia faced similar challenges to other modern economies in terms of the growing cost of insurance and premiums. He highlighted ICA’s research showing 1 in 12 properties have some level of flood risk in Australia. Of these, about 230,000 properties were at risk of flooding every year.
About 5.6 million homes are at risk of bushfire in Australia, according to the ICA, and the estimated cost of rebuilding homes is 27 per cent higher than before the start of Covid pandemic.