The Actuaries Institute has urged the government to fund mitigation works and the strengthening of building codes in a pre-Budget submission to Federal Treasury in which it addresses climate change and the need for measures to help Australians develop greater resilience to extreme weather.

In the submission, lodged with the Federal Government on January 29, President of the Actuaries Institute Jefferson Gibbs says measures can be undertaken to limit the impact of climate change on communities.

Better funded mitigation efforts could lessen the devastation caused among communities, businesses and the economy, says the Institute, which publishes the Australian Actuaries Climate Index each quarter.

“It shows temperatures are warming, sea levels are rising, and extreme dry conditions are more frequent,” the Institute says, urging that the government consider these risks as it prepares its 2021-22 Budget.

Climate change risks can be physical, as a storm or tidal surge ruins homes and infrastructure; a transition risk, as businesses change direction to lower their carbon emissions; or a liability risk, which directors and trustees must consider, it says.

“These clearly observed trends will disrupt Australian lives, property and economic livelihoods, yet with proper planning and measured action adverse consequences can be minimised and new opportunities realised.”

The submission also calls on the Government to improve the data it collects on the gig workforce, which the Institute estimates grew nine-fold between 2015-2019, capturing $6.3 billion in food delivery and rideshare spending alone.

“The Government needs better data to gain deeper insight into gig workers’ conditions, and the best policy options, especially for young workers who may spend longer in the gig economy, where insurance … may be scant or non-existent,” it says.