Australia faces rising flood risks and property vulnerability

Australia faces significant challenges regarding flood risk and property vulnerability. Estimates from the Climate Council of Australia suggest over two million homes are exposed to flooding, contributing to a projected $42.2 billion decline in residential property values. The Insurance Council of Australia reports that approximately 225,000 homes face severe or extreme flood risk, yet only 23 percent of these properties are estimated to have adequate flood cover.

Local government initiatives are emerging to manage these risks. The City of Mandurah has backed a coastal hazard risk management and adaptation plan to address erosion, rising sea levels, and flooding. Similarly, the Shire of Murray adopted a foreshore management and conservation strategy to protect heritage-listed sites like Cooper’s Mill, which faces frequent inundation from the Murray River delta.

Experts suggest a shift from reactive emergency response and post-disaster recovery toward proactive measures. Proposed solutions include the establishment of a $30 billion flood defence fund by the Insurance Council of Australia and the implementation of flood-resilient retrofitting to modify existing homes to withstand future weather events.