RACQ urges spending of disaster funding on the "right priorities"

“While the review’s final report is not due until April 2024, this timeline should not postpone the allocation of funds to shovel-ready projects that will address the disaster risk,” Cooney said in a statement. “We know Queensland is the country’s most vulnerable state when it comes to extreme weather, and we need to ensure investments from this fund are being spent on the right things without being caught up in bureaucracy and red tape.”

Cooney added that Australia significantly underinvests in disaster mitigation, with 97% of funds spent on recovery, leaving very little for prevention and preparedness.

RACQ also welcomed the focus on a national disaster funding system, which it hopes will better align all levels of government behind the projects and initiatives to mitigate disaster risk in the state.

“We have seen too many projects in Queensland either delayed or fall victim to election cycles and funding dependencies – most major flood levee projects have typically been dependent on funding from all three levels of government,” Cooney said.

The review’s announcement comes ahead of the first Hazards Insurance Partnership meeting, where RACQ and several other insurance companies will work with the federal government to tackle the insurance affordability and availability challenges facing the country’s at-risk regions, which will help inform where mitigation funding should be allocated.

“Queensland faces the brunt of increased climate impacts and 60% of the national bill for disaster costs,” Cooney said. “RACQ will continue to advocate on behalf of our members and communities to ensure our state receives its fair share of funding.”