ACIL furthers call for insurance industry backing on Stamp Duty reform

Campaign launched ahead of Queensland election

ACIL furthers call for insurance industry backing on Stamp Duty reform

Insurance News

By Roxanne Libatique

The Australian Consumers Insurance Lobby Inc (ACIL), once known as the Northern Australia Insurance Lobby, has reiterated its call for support from the insurance industry for a campaign to overhaul Stamp Duty regulations in Queensland, known for its high insurance premiums.

With the Queensland election on the horizon, ACIL is appealing to key players in the insurance sector for financial backing to spearhead a media campaign.

ACIL’s Stamp Duty campaign

The campaign is set to target key electorates in North Queensland, a region significantly impacted by soaring insurance costs, which the association believes are further inflated by existing Stamp Duty laws.

Through a mix of radio, print, and television advertising, ACIL aims to highlight what it believes is the urgent need for Stamp Duty adjustments to combat rising living costs and enhance insurance affordability. This focus on marginal electorates aims to elevate Stamp Duty reform to a prominent position in the election discourse, amid predictions that these areas could be decisive in the election outcome.

Calls for Stamp Duty reform

The call for reform of Stamp Duty has resonated within many circles of the insurance industry for years, with several leaders acknowledging its adverse effects on the affordability and reach of insurance. ACIL is now looking to translate these longstanding discussions into action.

ACIL chair Tyrone Shandiman emphasised the campaign as a collaborative opportunity for both consumers and the industry.

“Collaboration on this campaign is not just an investment in the future of Queensland’s insurance landscape, but also a significant gesture of the industry’s dedication to enhancing the wellbeing of consumers and voters alike,” he said.

The organisation claims a staunch focus on independence, asserting that while it seeks financial support for its initiatives, such backing does not sway its goals or perspectives.

Interested parties within the insurance industry are encouraged to lend their support by reaching out to ACIL at [email protected].

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