NSW commits to flood buy-back and land swap scheme

On Wednesday (17 August), NSW Premier Dominic Perrottet responded to the 2022 independent Flood Inquiry report, confirming that the state would adopt the listed recommendations. 

“We now have a pathway to better prepare for, respond to and recover from future floods across NSW, that also builds on the ongoing flood recovery efforts that are taking place,” Mr Perrottet said. 

Also released on Wednesday (17 August), the 323-page report included 28 recommendations that orbited improving flood preparation and flood response. 

This included the establishment of a NSW Reconstruction Authority, relocating communities “most at risk with good homes and amenities”, and easing housing stress in flood-prone areas. 

The NSW government has said that it supported six of the recommendations outright, and “supported in principle” 22 recommendations. 

“Of those supported in principle, further work will be undertaken on implementation including consultation with key stakeholders,” the NSW Government said in a statement. 

Speaking at a press conference on Wednesday (17 August), Mr Perrottet elaborated on this commitment, confirming that his government will be introducing a buy-back and land swap scheme. 

“There’s disaster adaptation plans which will be in place, and this is about making sure we have local and regional solutions,” Mr Perrottet said.  

“It is raised in areas of a buyback and land swap – that is something the government is committed to. We are committed to ensuring that, as we have future development, it does not occur in areas which are subject to significant flooding.”  

Neither Mr Perrottet nor the NSW government has provided details on who is and isn’t eligible. However, the Premier has said the scheme will be introduced, and had commenced on Wednesday (17 August). 

Mr Perrottet said that expressions of interest would open by the end of the month.  

“While I know for many people that will provide uncertainty today in terms of eligibility, but that is something that we need to work through,” Mr Perrottet said.  

“This will be a targeted approach in relation to a buyback or a land swap scheme. We have committed to doing that as part of our response. And it is the right thing to do.” 

Mr Perrottet said that, while the government will provide short-term assistance, the state must also focus on long-term prevention. 

“We know events like this are going to happen again,” Mr Perrottet said.  

“And every time we have events like this, the government of the day ends up doing the same thing over and over again.”

The NSW Premier also acknowledged that while the buy-back scheme will be costly, his government is committed to accomplishing it. 

In June, the Insurance Council of Australia reported that the 2022 floods across Queensland and NSW resulted in $4.8 billion in insured damages, making it the third-costliest extreme weather event in the country’s history. 

“In terms of dollar figures, responding to this is going to cost billions of dollars. But it’s the right thing to do,” Mr Perrottet said.  

“The buyback scheme will obviously be very costly. I have contacted the Prime Minister this morning in relation to funding.”

The announcement, and subsequent lack of detail, stands in contrast to Queensland, with the state confirming the launch of its buy-back program in May. 

[Related: Major bank distributes another $2m to flooding appeal]