Andrew Giles (Scullin, Australian Labor Party, Minister for Immigration, Citizenship and Multicultural Affairs) Share this | Hansard source

I would like to thank all members who have contributed to the debate on the Emergency Response Fund Amendment (Disaster Ready Fund) Bill. The bill will implement the government's election commitment to replace the Emergency Response Fund with a dedicating ongoing natural disaster resilience and risk reduction fund, the Disaster Ready Fund. The Disaster Ready Fund will provide up to $200 million a year to mitigate the devastating impacts of natural disasters by providing funding for disaster resilience and mitigation initiatives. The bill requires that this disbursement amount be reviewed at least every five years and provides the flexibility for responsible ministers to adjust the amount via a disallowable legislative instrument if appropriate. The responsible ministers will consult with the Future Fund Board of Guardians prior to making any adjustments.

The government has agreed to fund the existing $200 million commitment from the Emergency Response Fund for 2022-23, including recovery initiatives. From 1 July 2023, the bill will amend the Emergency Response Fund Act 2019 to remove funding for recovery initiatives and focus support on the government's objective to improve Australia's disaster readiness by increasing funding for natural disaster resilience and risk reduction initiatives. Funding for natural disaster recovery efforts will continue with other dedicated Commonwealth programs.

The bill will transfer responsibility for Disaster Ready Fund expenditure to the National Emergency Management Agency, which was established on 1 September 2022. The bill will also streamline arrangements for transfers from the Disaster Ready Fund special account and make administrative improvements to the operation of the fund to make it consistent with other investment funds. Once again, I thank all members for their contribution, particularly that of my friend the member for Lalor just a few moments ago. I commend the bill to the chamber.

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