North Queensland Natural Disasters Mitigation Program
$10M boost to help lower the cost of insurance in NQ
Communities in high risk, cyclone-prone coastal areas in North and Far North Queensland will benefit from a new funding program aimed at lowering the cost of insurance in the north.
Deputy Premier and Minister for the Queensland Reconstruction Authority (QRA) Steven Miles said the state government had made $10 million available to help eligible councils in northern Queensland reduce their disaster risk with the aim to lower the cost of insurance for local residents.
Funding is available to 33 councils and Weipa Town Authority in high risk, cyclone-prone coastal areas with population centres within 50 kilometres of the coastline, from Bundaberg all the way up to the Northern Territory border.
Queensland is the most disaster-impacted state in Australia, with close to 90 natural disasters experienced over the past decade.
The funding is an opportunity to reduce the impacts of natural disasters in the north while also helping to make insurance more affordable.
A recent Australian Consumer and Competition Commission report into the issue found that between 2007 and 2019, average premiums for home and contents insurance increased by 127 per cent in North Queensland, compared with 71 per cent for the rest of Australia.
Mr Miles said the ACCC report found that disaster risk mitigation initiatives, both at the household and community level, could help lower the cost of insurance premiums.
Eligible projects can include initiatives to encourage locals to make their homes more cyclone or flood resilient, studies into a community’s disaster risk, new or upgraded drainage systems, stormwater detention, levees and culverts, or the design of larger infrastructure or non-infrastructure projects to help reduce the impact of future natural disaster events.
Eligible councils can apply for up to $2 million through the program, with expressions of interest closing on 18 February 2022.
The North Queensland Natural Disasters Mitigation Program is being delivered by the QRA. For more information, visit the website at www.qra.qld.gov.au/NQNDMP.