Under Labor’s Prevent, Prepare, Rebuild plan, the Disaster Ready Fund would be established to help finance disaster prevention projects such as flood levees, sea walls, cyclone shelters and fire breaks.

The $200 million mitigation funding, matched by state and territory governments, would also meet a key recommendation of the Productivity Commission’s Natural Disaster Funding Arrangements report, which found 97 per cent of all disaster funding in Australia is spent after a natural disaster, with just 3 per cent spent on measures before an event takes place.

IAG Managing Director and CEO Nick Hawkins welcomed Labor’s announcement and said the greater focus on preparing communities before disasters strike was a positive step forward for the nation.

“Over many years we’ve highlighted the importance of greater investment in mitigation initiatives to help protect communities before disasters strike and we welcome Labor’s commitment to establish a fund dedicated to help achieve this,” Mr Hawkins said.

“Not only does investment in mitigation have the benefit of helping to protect lives, homes, businesses and critical infrastructure, it helps to reduce the extensive cost of recovering from these disasters.

“Today, across the country, we have communities suffering the impacts of cyclones, floods and bushfires. It’s critical that we continue to see focus and investment from all levels of government on identifying opportunities for protecting vulnerable communities, and making it happen.”

IAG is dedicated to working with all levels of government to identify mitigation initiatives to help protect communities across the nation.