Peter Long: Federal Budget’s $10bn reinsurance pool a big win for the North West

Peter LongPilbara News
Karratha's Red Earth Arts Precinct, Quarter and Pelago developments.
Camera IconKarratha's Red Earth Arts Precinct, Quarter and Pelago developments. Credit: Pilbara News

The 2021-22 Federal budget was handed down on May 11.

Among the hundreds of pages of figures, there were a few notable allocations that have the potential to make a very positive impact on our community.

Firstly, and most notably, is the Government’s intention to establish a reinsurance pool for cyclones and related flooding that includes an annually reinstated $10 billion Government guarantee.

In simpler terms, it is hoped that this will reduce the cost of providing insurance, and the savings will be passed on to consumers and businesses in the form of lower premiums, which are currently astronomical for residents living in our community and other cyclone prone areas.

We have been advocating with Federal politicians on this issue for years and it’s great to finally see a substantial outcome for the community.

Another positive inclusion is the move to create more than 170,000 new apprenticeships and traineeships through a $2.7 billion commitment to double the JobTrainer Fund.

This has the potential to provide a major boost for the youth in our community looking to get started in the workforce.

The $1.7 billion increased funding to childcare is also a relevant boost for our community and the $170 million commitment to strengthen internet and mobile coverage in regional Australia will hopefully provide greater peace of mind when communicating during severe weather events and increase connectivity throughout our region.

We are constantly working with the Federal Government and have a good relationship with our Federal counterparts, meeting regularly in Canberra.

We will continue to advocate for better outcomes for our community on the path to our goal of becoming Australia’s most liveable regional city.

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