Pre-budget submissions for the next financial year have urged Canberra to increase disaster mitigation funding as part of a long-term strategy.

The Australian Business Roundtable for Disaster Resilience & Safer Communities says carefully targeted resilience investment of $250 million a year could bring budget savings of $12.2 billion and cut the natural disaster bill by more than half by 2050.

“Upfront investment in disaster mitigation has the potential to not only lessen potential devastation and suffering experienced by individuals, but also result in a positive net impact on future budgets,” the roundtable says.

“From a purely budgetary perspective, greater upfront investment in effective mitigation measures should be a priority.

“For communities at risk of a natural disaster event, it is essential.”

The roundtable has urged Canberra to commit $200 million to disaster funding, or begin efforts to reach this target.

The Actuaries Institute has also pleaded for more spending on the nation’s resilience to natural disasters, which are expected to worsen due to global warming.

“Based on expert scientific findings, the Actuaries Institute recognises that climate change is expected to have major environmental, economic and social impacts, and poses a serious risk to the industries that actuaries advise.

“The institute’s view is that a timely investment to mitigate the potential impacts of climate change will protect future budgets from significant adverse effects to revenue.”

In December the Federal Government rejected a Productivity Commission recommendation that it invest $200 million a year on disaster resilience and mitigation.

The Insurance Council of Australia says the Budget “should prioritise disaster mitigation funding to reduce community exposures from natural disasters, which is likely to lessen the need for disaster-response activities”.