The proposal includes four components which would provide funding to prepare and respond to natural disasters.

• Component 1: Provide $5 billion, divided evenly over ten years, to be used as funding to support fire and emergency services across state and territories. Funding would be administered through grants to address difficulties in upgrading equipment, bushfire prevention and land management programs, as well as supporting the hiring and training of new personnel. Additional funding would be provided to meet departmental expenses.
• Component 2: Provide one-off grants of up to $20,000 to all single dwelling households in high-risk areas for flood or cyclone to subsidise the costs of proofing the house against cyclones and floods.
  • Existing dwellings, and dwellings built after 1 July 2023 would be eligible for the grant.
  • Where a household is seeking a grant more than $3,000 – itemised quotes of the work to be undertaken would be provided with the application.
  • Payments would be made available when cyclone and/or flood proofing contracts are entered into.
  • Applicants would be required to make a 50% co-contribution towards the approved works.
• Component 3: Provide $600 million per year until 2026-27, to fund mitigation works across the nation, to be drawn from the Emergency Response Fund (ERF) in addition to what is already drawn. From 2027-28, an additional $300 million per annum would be provided. This money must be spent each year on mitigation works.
• Component 4: Provide $25 million a year, indexed at consumer price index (CPI), to establish a new research institute to examine and propose measures to help draw down carbon from the atmosphere and prevent climate change. It would be co-located within existing public service premises.

The proposal would be ongoing from 1 July 2023.