RACQ statement on Disaster Ready Fund opening
Advocacy
RACQ has commended the Federal Government for making good on its election commitment to establish a $200 million-a-year Disaster Ready Fund.
From 10 January, states and territories can apply for funding, and with the February floods being revealed as the fourth most expensive disaster globally last year, there is not a moment to waste in reducing the significant disaster risk in Queensland.
The Disaster Ready Fund should put Queensland and Australia on a new path towards greater disaster resilience, strong economies, more accessible and affordable insurance and ultimately, cost-of-living relief.
After years of suffering from an antiquated over-spend on recovery (97%) and under-spend on mitigation and prevention (3%), the Disaster Ready Fund brings hope to many vulnerable Queensland communities.
However, RACQ is concerned meaningful spending from the Fund will not commence until 2023-24, meaning Queenslanders will need to get through the current and following disaster seasons before this investment starts to have a real impact on reducing the risk.
The previously announced Hazard Insurance Partnership as part of the Fund has merit to ensure investments are directed to where they are needed most and that there is a solid return on taxpayers’ investment.
The gathering and use of good data to make informed decisions is important, but that should not come at the expense of timely investment.
As Queensland emerges from its third consecutive La Nina weather pattern, RACQ believes more should be spent this year to protect vulnerable communities from growing impacts of climate.
Industry, universities, councils and governments know enough already to understand where the acute hazard problems and insurance affordability pressures are.
There are ‘shovel-ready’ projects ready to go that will bring down the disaster risk in Queensland communities.
The Bundaberg Flood Levee is a good example – the studies and modelling have been done. It is just waiting to be funded.
RACQ calls on the Government to quickly assess funding applications and accelerate the works needed to start protecting vulnerable communities that are at risk right now.
It’s also imperative Queensland receives its fair share of funding. The State incurs 60% of national disaster costs, so a funding proportion based on Queensland’s population share will be a significant under-investment.
This will be a key focus for RACQ’s advocacy agenda and we look forward to working directly with governments on how and where these funds are invested.
The Disaster Ready Fund should put Queensland and Australia on a new path towards greater disaster resilience, strong economies, more accessible and affordable insurance and ultimately, cost-of-living relief.
After years of suffering from an antiquated over-spend on recovery (97%) and under-spend on mitigation and prevention (3%), the Disaster Ready Fund brings hope to many vulnerable Queensland communities.
However, RACQ is concerned meaningful spending from the Fund will not commence until 2023-24, meaning Queenslanders will need to get through the current and following disaster seasons before this investment starts to have a real impact on reducing the risk.
The previously announced Hazard Insurance Partnership as part of the Fund has merit to ensure investments are directed to where they are needed most and that there is a solid return on taxpayers’ investment.
The gathering and use of good data to make informed decisions is important, but that should not come at the expense of timely investment.
As Queensland emerges from its third consecutive La Nina weather pattern, RACQ believes more should be spent this year to protect vulnerable communities from growing impacts of climate.
Industry, universities, councils and governments know enough already to understand where the acute hazard problems and insurance affordability pressures are.
There are ‘shovel-ready’ projects ready to go that will bring down the disaster risk in Queensland communities.
The Bundaberg Flood Levee is a good example – the studies and modelling have been done. It is just waiting to be funded.
RACQ calls on the Government to quickly assess funding applications and accelerate the works needed to start protecting vulnerable communities that are at risk right now.
It’s also imperative Queensland receives its fair share of funding. The State incurs 60% of national disaster costs, so a funding proportion based on Queensland’s population share will be a significant under-investment.
This will be a key focus for RACQ’s advocacy agenda and we look forward to working directly with governments on how and where these funds are invested.