EbeneNews – UA – Federal Budget Statement 2020-2021

Insurance Council of Australia (ICA) welcomes tonight’s federal budget as important step towards Australia’s recovery from pandemic and devastating COVID-19 summer bushfires

The emphasis in the budget on infrastructure will help create regional jobs and economic recovery over the medium term, and income tax cuts will help ease cost pressures. life Additional support for businesses, in particular the small business sector, will help boost employment and support economic growth

Industry is encouraged by Treasurer Josh Frydenberg’s statement that further announcements regarding natural disaster mitigation will be made in response to the Royal Commission on National Disaster Provisions

When this response arrives, the federal government must take the lead in building a more resilient Australia. Significant investment is needed

Over five years ago, the Productivity Commission recommended that the Commonwealth invest at least $ 200 million per year in mitigation and resilience projects (matched by state and territory governments ) Currently over 97% of funding for natural disasters is spent on clean-up and recovery and only 3% on resilience and mitigation

The ICA provided the Royal Commission with compelling evidence on the importance of mitigation and resilience programs to reduce risk, as well as an urgent need for reform of punitive state taxes on police insurance policies and significant improvements to building and land codes use planning

Australian insurers will continue to contribute expertise to help Commonwealth improve community resilience through data and insight Industry is pleased that $ 7-6 million has been pledged over three years from 2020 to 21 to upgrade the Australian Community Climate and Earth System Simulator (ACCESS) to increase Australia’s capacity to respond to future climate disasters and emergencies

The ICA is also welcoming the government’s $ 5 billion pledge to support the mental health and well-being of all Australians, including funding for essential front-line services, suicide prevention and key programs

He also believes the Australian Bureau of Statistics should be funded to urgently update the 2007 National Survey on Mental Health and Wellbeing

Carrying out the survey would help build public understanding of mental health issues and provide a quantifiable basis for the impact of mental health issues on government policy making This would be in line with the Government’s goal Australian (as noted in its response to the National Mental Health Commission review of mental health programs and services) to further develop the evidence base on mental health issues

Australian Federal Budget, Australia, Government, CSIRO