A little over a decade ago, Brisbane was hit with a flood so massive that it drove thousands of local residents to neighbouring towns and cities. This flood was caused by heavy rains from cyclone “Tasha” that greatly affected low-lying areas and caused up to A$2.3 Billion in damage. Fast forward to 2022, it seems like déjà vu for the people of Brisbane that had to go through the same ordeal once again.
In southeast Queensland alone, authorities estimate that there are about 15,000 properties that have sustained damage due to the heavy and sustained downpours that resulted in massive flooding in many suburbs in Brisbane. Consequently, the extensive flooding caused large-scale damage to the homes and businesses in the affected communities.
A few days following the floods, residents and business owners were left to handle the clean up. There were millions’ worth of losses and damages for countless businesses across Brisbane.
Financial Aid for Brisbane Businesses
In response to the crisis faced by residents and local business owners in Brisbane (and in several areas across Queensland and Northern NSW), the Queensland government has responded by pledging financial aid and support to those who are affected. This was confirmed after the Commonwealth agreed to the $558.5 million support package to provide assistance to the communities and businesses directly affected by the floods.
Through this support package, the producers and various community groups in Brisbane can expect the following benefits:
- Up to $75,000 in grant for primary producers
- Up to $50,000 in grant for not-for-profit organisations
- Up to $20,000 in grant for community groups and associations
Prime Minister Scott Morrison has reassured Brisbane business owners that this will only serve as the initial phase of financial support that they can expect from the Queensland government. The affected communities and families can also get access to the federally funded $1,000 disaster relief payment along with a 13-week income replacement for small businesses and employees.
According to the Prime Minister and the Queensland government, they are putting priority on helping small businesses, primary producers, and nonprofits to recover immediately as they are integral to the survival and recovery of the communities that they belong in.
Small businesses, in particular, are dealing with a lot of damage and losses in the form of infrastructure, equipment, stock, and trading. These losses and damages have caused countless businesses to cease operations for the immediate future. With these grants, it’s hoped they can recover quicker and to support the community, the local economy and also sustain themselves personally.
It is not just the Queensland government that has extended its financial aid to the flood victims in Brisbane. Banks and business groups have also extended their support.
The Business Council of Australia will utilise its BizRebulid scheme in order to support those that were affected by the flooding in Queensland, as well as some parts of New South Wales. Through this scheme, qualified business owners can get up to $2,000 vouchers that they can use to replace tools and equipment that were damaged by the flood. An additional $500 voucher can also be used towards business recovery plans.
Some banks have also announced that they offer deferment of mortgage payments for up to three months to anyone affected by the flooding.
For small businesses now looking to revise their insurance policies and compare rates and inclusions now they have been impacted by these floods, they can speak to an insurance broker specialising in small business insurance to see a range of inclusions, options and quotes. Consider Midland Insurance as one brokerage firm to consider.
Impact on Brisbane Businesses
Aside from the damages sustained to their homes and personal properties, business owners in Brisbane and surrounding areas are faced with another difficult challenge: getting their business back up and running. To say that this is a difficult challenge is an understatement.
It was not until the aftermath of the flooding that business owners saw the reality that they are facing – loss of inventory, damage to equipment and tools, loss of valuable documents and technologies, and damage to structure and vehicles.
The commitment to help out Brisbane businesses is envisioned by the government as a crucial step to help with the immediate recovery of the local economy, as well. These businesses provide livelihood to the people of Brisbane. By re-tooling the local business owners, they can equip themselves to restore business activities, keep workers in jobs, and to keep the community afloat.
