26 September 2023

New Future Fund to fight future disasters

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A new ‘Future Fund’ to help rebuild communities after major natural disasters is expected to be established this summer with a $4 billion injection from the Commonwealth.

Minister for Natural Disaster and Emergency Management, David Littleproud said the Emergency Response Fund would help Federal Government Agencies provide tailored assistance to local communities recovering from natural disasters.

Mr Littleproud said the fund would grow to up to $6.6 billion over the next decade.

He said returns from the fund would be invested in rebuilding communities after catastrophic natural disasters.

“We won’t only rebuild, we’ll build stronger communities,” Mr Littleproud said.

“This will put us on the front foot, making sure we’re better prepared to face extreme events,” he said.

“Returns from the fund could go into better infrastructure or improving planning for when disaster hits.”

Minister for Finance, Senator Mathias Cormann said the fund would give the Government an additional source of sustainable funding to draw on in the aftermath of natural disasters.

“The Government will access the fund when there is a need for additional support following a natural disaster that has had a significant or catastrophic impact,” Senator Cormann said.

“We will have access to up to $150 million per year to fund emergency response and natural disaster recovery where we deem existing resources and recovery programs are insufficient to provide an appropriate response.”

The new fund is to be managed by the existing Future Fund’s Board of Guardians.

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