18 March 2018

Insurance Council welcomes Marshall Government, urges reform focus

The Insurance Council of Australia (ICA) today congratulated Premier-elect Steven Marshall on securing a majority government in South Australia.

ICA CEO Rob Whelan said: “The incoming Marshall Government has a clear mandate for reforming South Australia’s economy. The Insurance Council believes Mr Marshall should include tax reform among his priorities.

We recognise the new Premier has a very full in-tray, but after 16 years there is no time to waste.

“South Australia’s stamp duties add 11 per cent to the price householders and vehicle owners pay for their insurance. These duties are unfair, inefficient and inequitable. They discourage South Australians from taking out the right level of insurance, and for some the stamp duties may mean a household decides to forgo insurance altogether.

“South Australia has a reputation as a progressive, forward-thinking state. The Insurance Council urges the Marshall Government to be courageous in axeing stamp duties on insurance, perhaps following the ACT’s example, where insurance duties were gradually removed over five years.

“Studies show that removing the burden of these duties will improve SA’s economic performance by several hundred million dollars, even more so if all states and territories agree to act similarly.”

Mr Whelan said the ICA was looking forward to working with the new Government on reform measures and on identifying communities where investments in mitigation would reduce the risk of flood.

-ENDS-

 


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