Australian federal inquiry recommends banning housing developments in flood-prone areas and creating buyback schemes for high-risk properties.
An Australian federal inquiry has recommended banning housing developments in flood-prone areas and creating buyback schemes for properties at high risk of flooding. Following significant flood events and 300,000 insurance claims in 2022, the report calls for improved insurance claim processes and a cooling-off period for offers. It emphasizes the need for state governments to intervene, while dissenting coalition MPs argue this could lead to higher costs and risks for taxpayers.
October 18, 2024
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