Fresh call for stamp duty to go

Central and North Rural Weekly - - SUGAR MARKET -

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.”

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