The clock is ticking for the Morrison Government to finally take action and fix the home insurance crisis in Northern Australia following the delivery of the ACCC’s insurance inquiry final report to the Treasurer.
The Morrison Government has already failed to deliver on its promise to drive down insurance premiums and improve availability for residents in the region facing increasing risks of natural catastrophes. Residents can’t afford to wait for the Liberals and Nationals to finally get their act together ahead of another potentially damaging cyclone and flooding season.
Home owners in Northern Australia are begging for the promised intervention to drive down soaring insurance premiums with some now unable to afford their bills. The Morrison Government loves making announcements, but never delivers.
The ACCC’s Northern Australia insurance inquiry into the supply of residential building, contents and strata insurance in the region has already revealed some insurers are refusing to cover some properties while premiums for strata properties are on average three times higher in Northern Australia when compared to the rest of Australia.
With the final report now received after the start of the ACCC’s investigation in 2017, there are no excuses for further inaction from the Morrison Government. Insurance cover is increasingly unattainable and unaffordable for too many residents in Northern Australia.
The Morrison Government has failed to act, despite experts warning residents to expect more frequent cyclone and flooding activity in the region this summer. The rising cost of insurance premiums also won’t be solved by the Federal Liberals and Nationals continually blaming their State counterparts. The Morrison Government must now urgently reply to the ACCC’s final report and help the people of Northern Australia.
