The Albanese Government has today begun the job of delivering on its promise to create a new Disaster Ready Fund, to help communities prepare for natural disasters.
The Bill, introduced to Parliament today, will transform the former Government's failed Emergency Response Fund into a dedicated ongoing source of funding for natural disaster resilience and risk reduction initiatives.
The fund will provide up to $200 million per year to invest in mitigation projects like flood levees, cyclone shelters, fire breaks and evacuation centres around Australia.
Over three years, Scott Morrison's Emergency Response Fund didn't complete a single mitigation project or release a cent in recovery funding, while earning the former Government over $800 million in interest. This left us dangerously unprepared for increasing natural disasters.
The Albanese Government won't repeat the mistakes of the previous Government.
By preparing for natural disasters we can protect lives and livelihoods, and lower damage bills from floods, fires and cyclones.
In order to deliver security for natural disaster-impacted communities, the Government will honour the 2022-23 Emergency Response Fund commitments announced by the former Government, including $150 million for the New South Wales Northern Rivers region and the $50 million Coastal and Estuarine Risk Mitigation Program.
Funding for natural disaster recovery efforts will also continue through other sources, including through Commonwealth and State Government Disaster Recovery Funding Arrangements.
The Disaster Ready Fund builds upon other measures designed to strengthen Australia's disaster management response, including the creation of the new National Emergency Management Agency, and the establishment of a Special Envoy for Disaster Recovery.
