Building resilience to natural disasters in our states and territories

The report examines the costs of natural disasters in each state and territory over the last decade and the estimated costs to 2050. 

Key findings

• The total costs of natural disasters in Australia are forecast to more than double in real terms to $39 billion per year by 2050
• The total economic cost of natural disasters in Australia over the 10 years to 2016 averaged $18.2 billion per year, equivalent to 1.2% of average Gross Domestic Product (GDP)
• The total economic cost of natural disasters is forecast to grow by 3.4% per year, double by 2038 and by 2050 reach $39 billion per year in real terms. 

Recommendations

To build greater resilience to natural disasters in our states and territories, the Business Roundtable recommends:

1. Mainstream and embed resilience across all aspects of policy and decisionmaking.
2. Prioritise resilience investments by considering their broader economic and social benefits.
3. Improve understanding of disaster risks, costs to society and resiliencebuilding activities to improve resilience.
4. Collaborate and coordinate to build resilience and address the long-term costs of natural disasters.