Natural disasters to cost $33 billion a year by 2050

DESTRUCTIVE: Floodwaters in Brisbane on May 1 last year.
DESTRUCTIVE: Floodwaters in Brisbane on May 1 last year. Qfesaap

THE cost of responding to natural disasters around Australia is set to hit $33 billion a year from 2050, a new report shows.

A Turnbull government-commissioned report released yesterday showed disasters cost the nation about $9 billion last year.

The report also forecast costs of about $17 billion to rebuild infrastructure expected to be damaged between 2015 and 2050.

It follows a Productivity Commission inquiry into the nation's disaster response framework. It made a raft of recommendations, including that millions more be spent on mitigation works such as flood levees.

However, the government has responded only in part to that inquiry's recommendations, making little change to mitigation funding arrangements.

The government did act on the inquiry's call to let councils use their resources in the immediate response rather than be forced to use external contractors.

Topics:  infrastructure insurance natural disaster

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