Communities ravaged by natural disasters will receive additional support in their time of need with the passage of the Emergency Response Fund legislation through the Parliament today.
The $4 billion Emergency Response Fund could rise to $6.6 billion over the next decade.
It will allow the Government to draw on as much as $200 million in any given year beyond what is already available to fund emergency response and natural disaster recovery and preparedness.
Disbursements from the Emergency Response Fund will be available to be invested in efforts to support areas of the country affected by natural events including floods, bushfires and cyclones.
Types of support available will include pre-disaster and emergency preparedness initiatives, additional recovery grants, economic aid packages and support to affected communities or industry sectors to help respond to and build resilience to natural disasters.
The Government can draw on this additional funding where we deem existing resources and recovery programs are insufficient to provide an appropriate response to natural disasters.
The Fund will be managed by the Future Fund Board of Guardians. The Board has a proven track record of managing investment portfolios on behalf of Government and maximising returns over the long term.
The Government stands ready to help communities prepare for natural disasters and to get back on their feet after they strike.