ACCC needs more power
THE prospect of sky-rocketing insurance premiums in the wake of Cyclone Debbie terrifies Dawson MP George Christensen.
“The law of probabilities says it will be another 40-50 years before we have a disaster of that magnitude again so I don’t know if there is much justification for sharply increasing insurance premiums at this time,” he said.
The Federal Government allocated $7.9 million for the ACCC to monitor insurance pricing in North Queensland.
Local insurance expert Margaret Shaw supported the measure on the condition that the ACCC would have teeth.
“I believe it will be well spent so long as the ACCC has the power to rectify extortion,” she said.
Mr Christensen said he had called for the establishment of a North Queensland re-insurance fund to make premiums affordable for North Queensland residents.
BUDGET: Margaret Shaw and George Christensen.