The Federal Government should give greater focus to funding projects which mitigate the impacts of natural disasters, according to the Actuaries Institute.
In its pre-Budget submission, the Institute also says the Government should include cost estimates of future natural disasters in the Budget’s statement of risks.
The submission backs the Productivity Commission’s call in its recent report on the future of natural disaster funding for more attention to be paid to disaster mitigation. The LGAQ has also long advocated for more money to be spent on projects that minimise the damage caused by disasters such as floods and cyclones.
“Funds allocated now to appropriate mitigation projects will ultimately reduce the government expenditure for rebuilding key public infrastructure and public assets,’’ the Institute says.