Labor loves premiums
I NOTE in the TB that “Labor wants to see action on insurance” well, I would like to point out some real issues to the State Labor Government.
I recently received my property insurance renewal, which I noted had increased as it does every year, the insurance company always increases the insured price of the property.
Every year I have to ring and negotiate the insured price.
This is generally a presumed price if I sold the house tomorrow, not the actual price I would get tomorrow which should insure the property.
I was told this is calculated on the cost the insurance company recommends for replacement (I presume it was calculated on southern prices on rebuild).
The Labor State Government is laughing all the way to the bank when our insurance policies are at an all-time high, if you look at your premium details. On a property insured (for example) $412,000 the premium is $1819.48 with a base premium of $1517.50, GST returned to Queensland $151.75, State Government tax (stamp duty) $150.23. Queensland Government gets 20 per cent mark-up on the base premium the Government takes $301.98 tax on our insurance policy. So the Queensland Government loves higher insurance premiums.
As the State Government receives the GST back from the Federal Government the question has to be asked if the state is double-dipping into the pockets of every Queenslander to the tune of nearly 10 per cent?
I have to ask what duty the State Government performs to collect $150.23 from our policy?
The insurance companies are not interested in the fact that most houses in North Queensland have to be built or rebuilt up to a category 5 cyclone standard. Are the houses in Brisbane that were damaged by storms built to a category 5 standard?
They had massive destruction and yet people do not pay the high insurance the north does.
I have heard we are being categorised by the insurance companies by our postcode.
Also, on your vehicle registration you pay third-party insurance. For example, I pay a CTP premium of $351.20, insurer’s premium $223.90 GST $20.35, stamp duty (insurer’s premium) 10 cents, Statutory Insurance Scheme Levy $1.50, Nominal Defendant Levy $8.50 Hospital & Emergency Service Levy $18.30, National Injury Insurance Scheme Levy $90.50, administration fee $8.40. Total cost of registration including above is $802.40.
How much of the above goes to the State Government?
I thought that with the introduction of the GST it was to replace all state and other taxes.
That has not happened as I believe that all state taxes are increased without our cost-ofliving wages being increased.
The GST is 10 per cent, this is a known, what other hidden taxes are we paying to the state under the guise of fees and charges and stamp duty?
Sell your house you pay stamp duty, life insurance, car rego, house insurance – to name just a few.
If the State Government is real in its effort to reduce property insurance in North Queensland, then get rid of stamp duties.
The more we pay in insurance the more the State Government reaps into its coffers. I bet my last dollar that won’t happen.
If there’s a separate state for North Queensland the money stays in the north.
SANDRA CHESNEY,
Jensen.