Suncorp Group CEO Steve Johnston said the commitment and recent budget funding proposed by the Federal Government meant the issue of disaster resilience would feature prominently in the upcoming federal election.
“We welcome this commitment to invest in infrastructure, such as flood levees, to make communities more resilient to extreme weather events," Mr Johnston said.
"More funding for disaster readiness is vital and must focus on communities where there is high risk of extreme weather and low levels of financial and physical resilience.
“Effective investment that reduces the impact of extreme weather will result in safer communities, stronger economies, and will reduce cost of living pressures through lower insurance premiums.”
Effective investment that reduces the impact of extreme weather will result in safer communities, stronger economies, and will reduce cost of living pressures through lower insurance premiums.Suncorp Group CEO Steve Johnston
Suncorp would welcome the opportunity to work with all levels of government and stakeholders to help prioritise projects to communities most in need.
While welcoming today’s announcement, Mr Johnston repeated calls for comprehensive tax reform to help ease affordability pressures in high-risk regions.
“Inefficient taxes and levies built into insurance premiums are contributing to affordability issues and costing taxpayers billions of dollars every year. Of course, reform of taxes and charges as they relate to insurance products cannot be separated easily from the broader reform of taxes.
“In my view, given the ballooning state and federal debt levels and structure of the system, we need comprehensive tax reform.”