In May 2017 the Federal Treasurer directed the Australian Competition and Consumer Commission (ACCC) to conduct an inquiry into home, contents and strata insurance in northern Australia. In November 2020, the ACCC delivered its final report, stating: ‘Between 2007–08 and 2018–19, average home insurance premiums rose in real terms by 178% in northern Australia (compared to a 52% increase in the rest of Australia)…In 2018-19, the average premium for combined home and contents insurance across northern Australia was approximately $2,500, almost double that for the rest of Australia ($1,400).
On 3rd May 2021, the Federal Government announced reform and committed to underwriting a re-insurance pool which is touted to reduce insurance costs to north Australians. Why did the reinsurance reforms take 14 plus years? How do we get back what we have already lost in premiums and ‘double taxes’?
Families and businesses are still reeling from years and months of the insurance debacle, and political disregard by successive ALP and LNP governments. When we have asked for a ‘choice’ to walk our own road, both parties have refused. Enough!
It’s time for us (the people of North Queensland) to take up the challenge and demand that we have our choice so that we never have to endure what we have experienced ever again.
“If you want the future to be different, you have to think differently today”