$200 Million Disaster Ready Fund Progresses
1st October 2022
The Commonwealth Government has moved forward on the pre-election promise made by then Opposition Leader Anthony Albanese and Senator Murray Watt that Labor will spend up to $200 million per year for disaster prevention and resilience.
The Emergency Response Fund Amendment (Disaster Ready Fund) Bill was introduced to the House of Representatives on 7 September by Home Affairs Minister Claire O'Neil.
The Bill renames the Emergency Response Fund established by the previous Government as the Disaster Ready Fund, and enables up to $200 million per financial year to be debited from the Fund for natural disaster resilience and risk reduction. To ensure that the level of funding remains appropriate, this limit will be reviewed at least every five years.
FMA President Ian Dinham said this is consistent with the recommendation of the 2014 Productivity Commission Report on Natural Disaster Funding Arrangements that the Commonwealth Government invests $200 million a year to begin reducing the cost of natural disasters. “This now needs to be matched by the states and territories to help bring the escalating costs of natural disasters under control”, he said.
