29 September 2015

Insurance Council urges reform summit to address tax reform

The Insurance Council of Australia (ICA) today welcomed Prime Minister Malcolm Turnbull’s decision to call a snap summit in Canberra to seek consensus for economic reform.

ICA CEO Rob Whelan said: “The economic reform debate must explore all sensible options to ensure Australia’s economy and communities can continue to prosper in difficult local and global economic conditions.

“Tax reform is an essential component of this debate, especially taxes that stymie economic growth and place unfair burdens on sections of the community.

“The general insurance industry believes the Prime Minister’s summit on Thursday should canvas the abolition of state taxes on insurance and examine how to offset revenue loss through fairer, more equitable taxes.

“For more than a generation it’s been recognised that state taxes and levies on insurance unfairly penalise businesses and households who seek to protect their assets. This has a direct impact on the economy and on community sustainability, yet little progress has been made.

“Australia needs significant economic reforms, and improving the taxation mix is an essential piece of the puzzle.”

-ENDS-


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