The Insurance Council of Australia (ICA) has welcomed the confirmation of A$741m ($518m) in additional funding in the State Budget handed down yesterday to better protect Queensland homes and communities from the impact of extreme weather.
The state government’s commitment to additional funding, co-funded by the Federal Government, matches the amount called for by the Insurance Council in its "Building A More Resilient Australia" report released in February.
The ICA also welcomes the extension of the Queensland Government’s A$13.1m Resilience and Risk Reduction Fund to support disaster mitigation projects and build resilience to worsening extreme weather in the State.
The budget also includes a welcomed A$170m to build essential public infrastructure such as roads, bridges, causeways and culverts back to standard.
ICA CEO Andrew Hall said in a statement, "The ICA commends the Palaszczuk Government for this very significant increase in resilience funding, made in response to the devastating floods experienced in southeast Queensland in February and March this year.
Last year the ICA was critical of the government’s Budget for its lack of funding in this area, but it’s clear that this has now been reversed."
A record A$23.6bn investment in health is the centrepiece of the 2022-23 Queensland Budget focused on delivering good jobs and better services for Queenslanders while protecting the Sunshine State’s lifestyle. Ms Annastacia Palaszczuk is the Premier of Queensland.