The Minns government wants insurers, banks and superannuation funds to help bankroll projects that reduce major flood and bushfire risks faced by NSW residents.
Bushfires, floods, coastal erosion and inundation, storms and cyclones and heatwaves are all seen as posing a growing threat to households and the private sector in coming years. “This is critical work that requires investment from both the public and private sectors. Governments cannot do this alone,” Dib said.
Historically, about 97 per cent of diaster funding is spent on response and recovery, leaving just over 3 per cent spent on diaster risk reduction, according to the Productivity Commission. However, following a series of catastrophic flood and bushfire events, both state and federal governments have signalled a shift in their thinking.