Final step before Far North insurance bills plummet

THE federal government’s reinsurance pool has passed through the House of Representatives with just one more step before it becomes reality.

Touted as a premium-busting measure that targets cyclone-prone regions, the $10bn pool will go before the Senate.

The Coalition is anticipating bipartisan support, with the measure set to be legislated during the March sitting week and become law on July 1.

Leichhardt MP Warren Entsch said it was a huge win for the Far North and for his campaigning.

“The thing that really annoyed me was that Labor stood up and said it had taken the Coalition nine years to get this across the line,” he said.

“The reality is I’ve been trying to do this for 11 years.

“The first treasurer I put this to was (Labor’s) Wayne Swan in 2010, and he refused to do it. In fairness, I also went to Joe Hockey in 2013 and he said no too.”

Legislation will be revisited after a year to “tweak” any issues. It will reportedly reduce premiums for some of the worst affected homeowners by up to 46 per cent, with strata properties set for 58 per cent savings and small businesses getting 34 per cent relief.

“Now we’ve just got to make sure it works,” Mr Entsch said.