The report examines the costs of natural disasters in each state and territory over the last decade and the estimated costs to 2050.
- 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.
To build greater resilience to natural disasters in our states and territories, the Business Roundtable recommends:
- Mainstream and embed resilience across all aspects of policy and decisionmaking.
- Prioritise resilience investments by considering their broader economic and social benefits.
- Improve understanding of disaster risks, costs to society and resiliencebuilding activities to improve resilience.
- Collaborate and coordinate to build resilience and address the long-term costs of natural disasters.