Disaster Ready Fund

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Disaster Ready Fund
Agency overview
Formed12 December 2019 (as the Emergency Response Fund), 1 March 2023 (as the Disaster Ready Fund)
TypeGovernment investment fund
Jurisdiction Government of Australia
Annual budgetA$4.7 billion (2022)
Parent department Department of Finance
Key document
  • Future Drought Fund Act 2019

The Disaster Ready Fund (DRF) is a fund established in Australia by the Morrison government. [1] It is managed by the Future Fund, with interest generated going to medical research. In 2022, the DRF had a capitalisation of A$4,700,000,000. [2]

Contents

Purpose

The purpose of the fund is to build flood levees, sea walls and fire breaks, in order to reduce the impacts of disasters. [1] [3]

Establishment

The fund was established on 12 December 2019 as the Emergency Response Fund, and was re-established on 1 March 2023 as the Disaster Ready Fund. [4] The Emergency Response Fund had been replaced due to a lack of responsiveness. [5]

Application

Projects funded by the DRF have included A$38,300,000 for the Disaster Relief Australia, who employ a significant number of veterans, and reduce the burden on the Australian Defence Force. [6]

See also

References

  1. 1 2 Laskie, Alexandra (7 September 2022). "Natural disaster fund to spend $200m a year on mitigation". Weekly Times. Archived from the original on 2 May 2025. Retrieved 2 May 2025.
  2. ↑ Martin, Sarah (11 January 2022). "Labor pledges to boost Australia's disaster readiness with revamp of $4.7bn emergency response fund". The Guardian. ISSN   0261-3077. Archived from the original on 14 January 2022. Retrieved 2 May 2025.
  3. ↑ "Promise check: Spend up to $200 million per year via the Disaster Ready Fund on disaster prevention and resilience". RMIT ABC Fact Check. 19 May 2023. Archived from the original on 2 June 2023. Retrieved 2 May 2025.
  4. ↑ "Disaster Ready Fund". Department of Finance, Government of Australia. 19 December 2024. Archived from the original on 25 March 2025. Retrieved 2 May 2025.
  5. ↑ Beazley, Jordyn (4 June 2022). "Too little, too late: Australia's disaster response has been … a disaster". The Guardian. ISSN   0261-3077 . Retrieved 2 May 2025.
  6. ↑ Karp, Paul (24 September 2023). "Australia 'better prepared' for bushfires than ahead of black summer as government considers national community service". The Guardian. ISSN   0261-3077. Archived from the original on 11 October 2023. Retrieved 2 May 2025.
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