In­sur­ance coun­cil urges Go­ern­ment to re­con­sider

Port Douglas & Mossman Gazette - - FRONT PAGE -

THE In­sur­ance Coun­cil of Aus­tralia to­day urged the Queens­land Govern­ment to re­con­sider plans to in­crease stamp du­ties on gen­eral in­sur­ance prod­ucts by 1.5 per­cent­age points.

Rob Whe­lan, Chief Ex­ec­u­tive of the In­sur- ance Coun­cil of Aus­tralia, said the mooted stamp duty rise was un­for­tu­nate and would add to Queens­lan­ders’ cost of liv­ing by forc­ing up the price of in­sur­ance.

He said the re­ported rise from 7.5 per cent to 9 per cent, tak­ing ef­fect from Au­gust 1, could in­crease the level of un­der­in­sur­ance and non-in­sur­ance in Queens­land, es­pe­cially in ar­eas reg­u­larly ex­posed to cy­clones and floods.

‘‘Stamp du­ties are in­equitable, highly in­ef­fi­cient and un­fair. An in­crease in stamp du­ties would be a coun­ter­pro­duc­tive de­ci­sion that would only ex­ac­er­bate the fi­nan­cial pres­sure many Queens­lan­ders are ex­pe­ri­enc­ing with the cost of in­sur­ance and other house­hold ex­penses,’’ Mr Whe­lan said.

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