Deputy prime minister Barnaby Joyce was in Wagga for the second time in six weeks to pledge funding for one of the city’s most desperately needed infrastructure upgrades, which will be completed in three years instead of eight if the Coalition is re-elected.

It comes after Wagga council ruled the average Wagga homeowner will be slugged an extra $59 a year from July 1, to raise its $7.75 million contribution to the $21.1 million flood protection measure.

“This is an announcement for repair and extension of levee bank, because that is so vitally important for security and comfort of those who live in the commercial district here and in the surrounding areas,” Mr Joyce said. 

“It’s vitally important for those who want to keep their insurance premiums down.

“It’s not just when the flood goes through that creates the problem,when the flood goes away the filth and detritus, all the bits and pieces that come floating into people's lives, destroys their spirit.

“It wrecks the commercial underpinnings of the town.

“It's a lot of money but you have to get fundamentals right if you want to support jobs in the district and enhance growth of the district.”

Riverina MP Michael McCormack said Wagga’s dodged two bullets in the past six years, which “could have easily wiped out our fine city”.

“This will make Wagga's levee bank go from a one in 60-year event to a one in 100-year event and make North Wagga levee bank go from one in 12-year event to one in 20 year event,” Mr McCormack said.

“We all know flood events do more damage than any other natural disaster.

“We all know flood events do more damage than any other natural disaster and the economic well-being is put at risk whenever we have a flood.

“We've had two (floods) in just the last six years, we had one in December 2010 and one in Februrary 2012; both those floods could have easily wiped out our fine city.”

According to Wagga MP Daryl Maguire, the NSW government will chip in an extra $2.1 million regardless of who wins the July 2 election, taking the state’s total commitment to $5.4m.

Wagga Business Chamber and Committee 4 Wagga both placed the levee bank atop their election wishlists, above a Sturt Highway bypass and inland freight rail.

Chamber president Tim Rose said insurance companies have jacked up premiums since the city was evacuated in preparation for inundation in 2012, but the upgrade will reverse the trend.

“When you can get insurance, it’s tripled since 2012,” Mr Rose said.

“Insurers have pulled out of Wagga and with the reduced competition, prices have shot up.

“The levee bank upgrade will give businesses security to invest, which will encourage more growth and bring in more jobs.”

Mr Rose explained a levee bank upgrade is worthless until it’s finished, as it’s only as strong as its weakest point, which is why he welcomed the proposed fast-tracked construction timeline.  

CORRECTION: An earlier online edition claimed the state’s $2.1 million contribution was conditional on the Coalition being re-elected. The NSW government money is guaranteed whoever wins come July 2.