Joe Ludwig (Queensland, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Hansard source

I thank Senator Furner for his first supplementary question. Today the government announced $100 million over two years to reduce flood risk and bring about real reductions in insurance premiums. The National Insurance Affordability Initiative will invest $50 million a year in targeted flood assistance and other natural disaster mitigation measures as well as establish the National Insurance Affordability Council. These measures are designed to better protect communities and help reduce insurance premiums in flood-affected regions. The learned experience of Australia shows that, by taking action on mitigation, we can significantly reduce insurance premiums. In this investment we are targeting three specific projects in New South Wales and Queensland. We are making a $7 million contribution to building the Roma levee. In addition to that, the second project will be $10 million to upgrade flood defences in Ipswich, and also we will make available— (Time expired)