Fresh call for stamp duty to go
THE Queensland Farmers’ Federation has renewed calls to remove stamp duty on agricultural insurance in Queensland after the South Australian Government passed legislation to remove stamp duty on multi-peril crop insurance policies.
QFF president Stuart Armitage said Queensland agriculture was calling on the Government to complete the much-awaited review into the issue and deliver the same sensible reform to help develop Queensland’s immature market by enabling more affordable insurance options for farmers in the state.
“With Queensland the most disaster impacted state in Australia, and climate projections suggesting more frequent extreme weather events, farmers are looking to better understand, develop and adopt risk management strategies to manage uncertainty, spread risk and maintain business viability,” he said. “Practical and affordable insurance options could help mitigate the financial impact of extreme weather on farm businesses and remove some of the burden that falls to government.”