Latest news with #DisasterReadyFund
7NEWS
04-06-2025
- Business
- 7NEWS
Homeowners warned insurance costs set to soar as policies factor in natural disaster uptick spurred by climate change
Households are being told to brace for higher insurance premiums. The alert from environmental groups warns that the economic impacts of natural disasters will extend beyond the federal budget. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. 'The human impacts matter to us most, but the economic cost is very significant too, and we'll see that in Wednesday's National Accounts,' he said. 'Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most.' Policyholders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. 'Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse,' he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to van de Pol, who said the insurance industry was the 'canary in the coal mine' for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW Mid-North Coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated, and the federal government will continue working with NSW on any other funding requests, McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers.
The Advertiser
02-06-2025
- Business
- The Advertiser
Insurance cost warning after disasters hit bottom line
The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers. The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers. The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers. The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers.
Perth Now
01-06-2025
- Business
- Perth Now
Huge cost of natural disasters in 2025 revealed
The Treasury has flagged GDP figures may be lower than expected this quarter due to a huge economic loss from natural disasters so far in 2025. New analysis by the Treasury has estimated the immediate loss of economic activity from natural disasters so far in 2025 is $2.2 billion. The huge costs of disasters this year, include the impacts of flooding in the NSW Hunter and mid-North Coast regions, as well as Cyclone Alfred and flooding in western Queensland and Far North Queensland. Most of the loss will affect the March quarter, the Treasury said, which is to be reflected in National Accounts released on Wednesday. The natural disasters have also had an impact on retail trade and household spending, data from the March quarter suggests. Retail trade in Queensland dropped 0.3% in February and 0.4% in March. Household spending was flat nationally, with a 0.2% drop in Queensland contributing. Treasurer Jim Chalmers highlighted the dual focus on human and economic costs, with continued disaster assistance. The huge cost of natural disasters this year, including the impacts of flash flooding on the mid-north coast of NSW as well as Cyclone Alfred in Queensland, have been revealed. SES via NewsWire Credit: NewsWire 'Our government's first priority is helping to fund the recovery and rebuild for communities hit hard by all the heavy weather we're seeing more and more frequently,' he said in a release. 'The human impacts matter to us most, but the economic cost is very significant too and we'll see that in Wednesday's National Accounts. 'The Government will be there for people in disaster hit regions, just like they're there for each other.' Mr Chalmers added they have activated disaster assistance to the Hunter and mid-North Coast regions of NSW. 'Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most,' he said. Meanwhile, Minister for Emergency Management Kristy McBain stressed the importance of preparedness and long-term recovery, with an extra $200 million to be invested via the Disaster Ready Fund in 2025–26. 'Our Government is committed to preparedness and resilience in order to protect communities when disasters strike,' she said. 'We are committed to funding support to increase resilience, adaptability and preparedness. Our Disaster Ready Fund initiative will provide another $200 million of investment in 2025-26.' The huge cost of natural disasters this year, including the impacts of flash flooding on the mid-north coast of NSW as well as Cyclone Alfred in Queensland, have been revealed. SES via NewsWire Credit: News Corp Australia Ms McBain said she has recently been on the ground in NSW, and has seen first hand the effects a disaster can have. 'We have activated multiple disaster payments and we will continue to work with NSW on any other funding requests and I have been meeting with small business and primary producers who have been hit hard,' she said. 'For a lot of these people, it's the cumulative impact of a number of events and we understand that. 'That's why recovery isn't going to be over the next couple of days when cameras and lights are on the area. It's going to be days, weeks and months that we'll walk with these communities.' Leader of the opposition Sussan Ley is expected to visit flood affected communities on the Mid North Coast on Monday morning, along with local MPs.
West Australian
01-06-2025
- Business
- West Australian
Natural disasters cost Australia $2.2 billion in first six months of 2025
The Treasury has flagged GDP figures may be lower than expected this quarter due to a huge economic loss from natural disasters so far in 2025. New analysis by the Treasury has estimated the immediate loss of economic activity from natural disasters so far in 2025 is $2.2 billion. The huge costs of disasters this year, include the impacts of flooding in the NSW Hunter and mid-North Coast regions, as well as Cyclone Alfred and flooding in western Queensland and Far North Queensland. Most of the loss will affect the March quarter, the Treasury said, which is to be reflected in National Accounts released on Wednesday. The natural disasters have also had an impact on retail trade and household spending, data from the March quarter suggests. Retail trade in Queensland dropped 0.3% in February and 0.4% in March. Household spending was flat nationally, with a 0.2% drop in Queensland contributing. Treasurer Jim Chalmers highlighted the dual focus on human and economic costs, with continued disaster assistance. 'Our government's first priority is helping to fund the recovery and rebuild for communities hit hard by all the heavy weather we're seeing more and more frequently,' he said in a release. 'The human impacts matter to us most, but the economic cost is very significant too and we'll see that in Wednesday's National Accounts. 'The Government will be there for people in disaster hit regions, just like they're there for each other.' Mr Chalmers added they have activated disaster assistance to the Hunter and mid-North Coast regions of NSW. 'Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most,' he said. Meanwhile, Minister for Emergency Management Kristy McBain stressed the importance of preparedness and long-term recovery, with an extra $200 million to be invested via the Disaster Ready Fund in 2025–26. 'Our Government is committed to preparedness and resilience in order to protect communities when disasters strike,' she said. 'We are committed to funding support to increase resilience, adaptability and preparedness. Our Disaster Ready Fund initiative will provide another $200 million of investment in 2025-26.' Ms McBain said she has recently been on the ground in NSW, and has seen first hand the effects a disaster can have. 'We have activated multiple disaster payments and we will continue to work with NSW on any other funding requests and I have been meeting with small business and primary producers who have been hit hard,' she said. 'For a lot of these people, it's the cumulative impact of a number of events and we understand that. 'That's why recovery isn't going to be over the next couple of days when cameras and lights are on the area. It's going to be days, weeks and months that we'll walk with these communities.' Leader of the opposition Sussan Ley is expected to visit flood affected communities on the Mid North Coast on Monday morning, along with local MPs.
