NEWS

ACIL Calls on Insurance Industry for Support in Stamp Duty Reform Campaign Ahead of QLD Election

In a significant move towards enhancing insurance affordability and equity in Queensland, recognised as Australia's most unaffordable and uninsurable State, the Australian Consumers Insurance Lobby Inc (ACIL), formerly the Northern Australia Insurance Lobby, is reaching out to major industry stakeholders in the insurance sector for backing in a vital campaign aimed at reforming Stamp Duty. ACIL has formally requested financial assistance from three insurance industry associations for a targeted media campaign in the lead-up to the upcoming Queensland election.

More info detailing arguments for stamp duty reform and featuring consumer stories:

Targeted Campaign in Marginal North Queensland Electorates

ACIL’s campaign focuses on the marginal electorates of North Queensland, a region that faces unparalleled financial pressure due to exorbitant insurance costs exacerbated by the current Stamp Duty regime. The campaign, potentially encompassing radio, newspaper, and television mediums, aims to spotlight the critical need for Stamp Duty reform to alleviate the mounting cost of living and insurance affordability. Highlighting these challenges in marginal electorates is a strategic move to ensure that the issue of Stamp Duty reform is placed squarely on the political agenda, as speculation grows that the outcome of the Queensland election could hinge on the North Queensland seats.

Industry Support for Stamp Duty Reform

The call for Stamp Duty reform is not new within the insurance industry. For years, industry leaders have vocalised the need for change, recognising the detrimental impact of Stamp Duties on insurance affordability and accessibility. ACIL’s initiative seeks to transform these calls into tangible action. "This is an opportunity for consumers and industry to unite our efforts on this important issue" said ACIL Chairperson Tyrone Shandiman. "Collaboration on this campaign is not just an investment in the future of Queensland’s insurance landscape, but also a significant gesture of the industry's dedication to enhancing the well-being of consumers and voters alike."

A United Front for Change

By uniting consumer voices with the weight of the insurance industry, ACIL believes this campaign can significantly influence the discourse around Stamp Duty reform. This collaborative effort represents a unique opportunity to drive home the necessity of reform, leveraging the upcoming election as a pivotal moment for change.

ACIL calls on the insurance sector to support a vital campaign aligning with mutual benefits for the industry and consumers. Together, we aim to foster a fair and sustainable insurance market in Queensland. To support this campaign, contact ACIL at info@acilobby.org.au.

ACIL fiercely guards its independence, ensuring our advocacy remains unaffected by industry funding. While we welcome financial support for campaigns, it never influences our objectives or stance.

ACIL Champions Stamp Duty Reform for Insurance Affordability in Queensland

As Queensland approaches its next election, the Australian Consumers Insurance Lobby Inc (ACIL), previously known as the Northern Australia Insurance Lobby, is intensifying its campaign for insurance affordability. Central to this effort is the advocacy for Stamp Duty reforms, with a particular emphasis on addressing the pressing challenges faced by residents in North Queensland.

Cyclone Insurance Crisis in North Queensland

North Queensland is currently under extreme financial pressure due to the high costs associated with cyclone insurance. The region's cyclone reinsurance pool, aimed at mitigating these costs, has not delivered the expected relief to consumers. This issue is of paramount importance as speculation grows that the outcome of the Queensland election could hinge on the North Queensland seats. Given its roots and extensive network in the region, ACIL is in a strategic position to leverage this critical moment for substantial insurance reform.

ACIL’s Advocacy and Dialogue for Reform

ACIL has actively engaged with Queensland Treasury representatives and key opposition MPs, including David Janetzki (Shadow Treasurer) and Tim Nicholls (Former Treasurer and Shadow Attorney-General), to push forward the case for Stamp Duty abolition. These discussions highlight the necessity for more persuasive efforts to convince political leaders of the benefits that such reforms would bring to the consumers, especially in high-risk areas like North Queensland.

ACIL is planning a series of initiatives aimed at fostering collaboration between consumers, the insurance industry, and policymakers to ensure that Stamp Duty reform remains a key priority. This collaborative approach seeks to address the financial burdens placed on consumers by current taxation practices on insurance premiums.

Policy Recommendations for a Resilient Future

ACIL proposes two potential solutions for addressing insurance affordability in Queensland:

Abolition of Stamp Duty: Eliminating Stamp Duty on insurance would provide immediate cost of living relief for Queenslander, stimulate economic activity, and provide fairer tax treatment for insurance consumers.
Mitigation and Resilience Funding: By investing in mitigation efforts, Queensland can enhance the affordability and accessibility of insurance, making communities more resilient to disasters.

A Call to Action for Queensland’s Elected Representatives

With the unique challenges faced by North Queensland as a backdrop, ACIL urges policymakers to consider the proposed reforms seriously. As the election draws near, there is a timely opportunity to address these pressing issues, offering a path to greater affordability, fairness, and resilience for the people of Queensland, especially those in cyclone-prone North Queensland.

ACIL, with its deep roots in Northern Australia and a strong connection to the affected communities, is poised to lead these advocacy efforts, aiming to bring about significant change in the insurance landscape to benefit all Queenslanders. The organisation's history and experience in advocating for insurance reform in high-risk areas positions it as a key voice in the debate over Stamp Duty reform. The pressing need for action is underscored by the unique vulnerabilities of Queensland, making the case for reform not just an economic argument, but a matter of ensuring the safety and financial stability of its residents.

ACIL is open to speaking with any politician interested in discussing the impact of the cost of living on insurance and reforms in stamp duty.

ACIL has released a new flyer detailing arguments for stamp duty reform and featuring consumer stories. Click here to view:

7:30 Report on NetStrata- Joint Statement of ACIL, OCN & UOAQ

The Australian Consumers Insurance Lobby (ACIL), Owners Corporation Network of Australia (OCN), and the Unit Owners Association of Queensland (UOAQ) have issued a collective statement in response to the investigative story aired on ABC’s 7:30 Report last night, which highlighted concerning practices associated with NetStrata.

We believe this matter warrants immediate attention and action to ensure the protection of consumer rights and the integrity of the strata and insurance industry. Our release in the below attachments outlines our concerns in detail and requests specific actions to address the issues raised by the report.