The Australian Business Roundtable for Disaster Resilience & Safer Communities has again called on the country to invest more in mitigation before what is expected to be a severe bushfire season.

Advanced planning for natural disasters will save lives and limit the impact on the economy, the group says in a statement to mark the United Nations’ International Day for Disaster Reduction.

Roundtable member Mike Wilkins, the MD and CEO of IAG, says Australia is playing catch-up to other nations.

“While the UN day… is about celebrating how people and communities are reducing their exposure to disasters, we need to acknowledge just how far we have to go to better protect our communities,” he said.

“We need to continue to champion the issue of natural disaster resilience, to ensure the impact of… events that have made us a nation known for natural disasters is lessened.”

Natural disasters cost Australia $6.3 billion annually, and this is tipped to rise to $23 billion by 2050, the roundtable says.

By investing $250 million a year in selected mitigation programs, the Federal Government could reap budgetary savings of $12.2 billion by 2050, it argues.

“As we enter storm, cyclone and bushfire season, we may yet again see national attention on communities [affected] by disastrous weather events,” Australian Red Cross National Manager Emergency Services Andrew Coghlan said.

“But we need to act before these disasters occur, to continue to reduce the social and economic impacts of natural disasters through a collaborative national approach.”

The roundtable was founded in 2012 to push for a national resilience program. It comprises the CEOs of IAG, Australian Red Cross, Investa Property Group, Munich Re, Optus and Westpac.

The group was awarded a certificate of distinction by the United Nations in March, in recognition of its work.