Development on flood plains is under review as estimated insurance losses from extreme rain in NSW this month rise to $142 million, and governments extend emergency assistance funding to more than half a million affected residents.

Newly-elected Prime Minister Anthony Albanese says he has a mandate on climate as catastrophes increase to strike the nation annually.

"We have one-in-1000 year events becoming one-in-100 year to becoming one-in-10 year to now becoming annual events,” the Prime Minister said. “I don't know what it takes to wake up people, whether they be on any side of the political spectrum, to the fact that we need to work together.”

Flood plain use and development in flood-prone areas was “something that governments need to look at going forward,” Mr Albanese said in response to the latest floods across large parts of Sydney, the Hunter Valley and mid-north coast.

"You can't continue to commit the same issues and wonder why you get the same outcomes,” the Prime Minister said.

“I agree,” NSW Premier Dominic Perrottet said at the same press briefing in Sydney. "There’s no doubt these events are becoming more prevalent.”

Mr Perrottet will soon make public a review underway to provide a long-term mitigation focus, and he says it is time to get "frank and fair-dinkum".

“Where an event like this happens in the future, which it will inevitably will, we [need to make sure] we have done everything we can to make sure we don't make the mistakes of the past.

"It would be remiss of any government in these circumstances for what we've seen - particularly over the last few years whether that's bushfires or floods - to not look at new ways of doing things.

“Development on flood plains - not only does that cost and risk lives but impacts on properties, homes and businesses.”

Insurers have so far received 12,221 claims since July 1 from the latest NSW floods - 83% for property, 15% for motor and 2% for commercial – the Insurance Council of Australia (ICA) said today. ICA categorised it a “significant” event, but not an insurance catastrophe.

It came after record $4.8 billion insured-loss floods in February/March - Australia’s most expensive natural catastrophe in two decades and its costliest flood ever.

Mr Albanese says planning and development in flood plains is primarily the responsibility of state governments and “common sense has got to apply”, with 621,700 people affected by the latest NSW floods so far receiving more than $514 million in disaster assistance.

By 2030, the Prime Minister wants a 43% reduction in carbon dioxide emissions over 2005 levels and 82% renewables as part of the national energy market.

"It will result in Australia re-joining the world effort to tackle climate change,” he said. "It's time to end the climate wars ... To stop the nonsense and work to the clean energy future that will create jobs and create a better environment.”