Resilience, durability and the National Construction Code

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The CIE was commissioned by Insurance Council of Australia (ICA) to estimate the economic benefits and costs of improving building resilience to extreme weather events through the National Construction Code (NCC).

We estimate that the annualised residential building-related costs from the extreme weather events addressed by the NCC could be around $4 billion per year, including $2 billion from cyclone, $1.5 billion from floods and $500 million from bushfires. These costs are likely to increase significantly in the period ahead.

Apart from strengthening the NCC, state and territory planning rules could also play a pivotal role in mitigating the risks associated with extreme weather events, especially in terms of preventing the construction of new homes in flood-prone high-risk areas.

REPORT AUTHOR(S)

Featured
Tingsong Jiang
Tingsong Jiang

Principal

Hayden Fisher
Hayden Fisher

Director

Yuyang He
Yuyang He

Economist

Satchi Kalra
Satchi Kalra

Research Economist

Tingsong Jiangsummary_new, 2023, Tingsong Jiang, Hayden Fisher, Yuyang He, Satchi Kalra, Climate Change and Adaptation, Infrastructure Transport and Land Use Economics, Economic assessment, Cost benefit analysis