Labor welcomes the long-delayed release of the Northern Australia Insurance Premiums Taskforce Report today.

Almost a year on from the announcement of the Taskforce, we’re pleased that Australians in the North finally have some idea of the Government’s thoughts on the issue.

Labor will carefully consider the recomendations of the Taskforce with an eye to the best outcomes for North Queenslanders which are sustainable and possible within the confines of the Federal Budget.

Before the last election, LNP MPs like Warren Entsch, Ewen Jones and George Christensen talked a big game about action on insurance premiums, but the Abbott-Turnbull Government has still done nothing to make insurance more affordable despite nearly two-and-a-half years in office.

Not one cent of the Abbott-Turnbull Government’s promise of $12.5 million for strata title engineering assessments has been spent, despite it being announced nearly two years ago now.

What’s more, this Liberal Government has ripped $72.2 million from the National Insurance Affordability Initiative established by Labor.

The National Insurance Affordability Initiative was set up to support communities to mitigate damage from flood and other natural disasters as a sustainable way to reduce insurance premiums over time.  Experience in Australia and internationally has shown that mitigation can sustainably reduce insurance premiums.

The Treasury has recently confirmed that the Final Report has inexcusably sat on the Assistant Treasurer’s desk since late November, but we welcome this opportunity for interested parties to carefully scrutinise and consider the Report’s findings.

North Queenslanders know as well as anyone that this Government is all talk and no action on insurance affordability.