The Turnbull Government is committed to reducing the cost of insurance for north Queensland residents, today announcing James Cook University will undertake the development and management of the Strata Title Inspection Scheme (the Scheme).
Over the past decade, the Australian Government has contributed over $10.5 billion under the Natural Disaster Relief and Recovery Arrangements to support recovery efforts nationally. Of this, more than $9 billion has been provided to Queensland.
In addition, since 2013, the Australian Government has committed $30 million to the Queensland Government under the National Partnership Agreement on Natural Disaster Resilience to support local projects that build the disaster resilience of Queensland communities.
“While post-disaster relief plays an important role to support those in need during the aftermath of a natural catastrophe, more needs to be done on pre-disaster mitigation to build strength and resilience within communities,” Minister O’Dwyer said.
“That is why the Government has been working with the Queensland Government to improve the information available to owners of strata title properties about a property’s susceptibility to weather damage, and ways to make properties more resilient.”
James Cook University will work with the Queensland Government to develop and implement the Scheme in an efficient and timely manner.
The Government also welcomes the recent release of the Australian Competition and Consumer Commission’s (ACCC) issues paper on the monitoring of insurance premiums in northern Australia. These measures seek to develop solutions that will lead to sustainable reductions in premium levels, promote a competitive insurance market and make a recognisable difference for consumers in northern Queensland.
The ACCC issues paper and information about public forums is available on the ACCC website. Submissions can be emailed to insurance@accc.gov.au and will close on 21 December 2017.