Australia to spend $500 million to move or flood-proof homes in inundated areas
October 28, 2022, 9:08 am

Australia to spend $500 million to move or flood-proof homes in inundated areas

Catastrophic riverine flooding is usually associated with major infrastructure failures such as the collapse of a dam, but they may also be caused by drainage channel modification from a landslide, earthquake or volcanic eruption. Examples include outburst floods and lahars. Tsunamis can cause catastrophic coastal flooding, most commonly resulting from undersea earthquakes - Text. Wkipedia/ Photo. Pixabay

Australia will spend A$800 million ($516 million) to repair, retrofit and buy back homes in the flood-prone northwest of the country's largest state as the region recovers from its third inundation this year.

Clean-up efforts are underway across Australia's southeast as swollen rivers recede after the country's third bout of flooding this year. The wettest year on record for many regions is set to continue into summer after forecasters declared a rare third consecutive La Nina event, associated with wet weather.

Saying that the country needed a new way to combat flooding, Prime Minister Anthony Albanese announced on Friday around 2,000 homeowners in the flood-prone Northern Rivers region of New South Wales will be eligible for the program.

Homeowners in the most at-risk areas will be eligible for a government buyback. Others will be offered up to A$100,000 to raise homes off the ground or retrofit them against flooding.

"We need to do better on planning but we also need to do better than thinking that we can do just the same thing over and over again, because we will get the same result," he said.

Climate change threatens people with food and water scarcity, increased flooding, extreme heat, more disease, and economic loss. Human migration and conflict can be a result. The World Health Organization (WHO) calls climate change the greatest threat to global health in the 21st century - Photo. Pixabay

Albanese said he would work closely with New South Wales Premier Dominic Perrottet to also push changes to floodplain building planning laws in Australia.

Australia's east braces for more heavy rain, 'life-threatening' floods

"We know that disasters are expected to become more frequent, and more severe due to climate change, and that's why we're working with the New South Wales Government to develop practical solutions to protect lives and livelihoods."

Eligibility for the program will be based on flood risk, property assessments and risk to safety.

The package includes A$100 million for the state government to buy land in flood-safe areas for more development.

Source: reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.