30 June 2022

Modelling released for Reinsurance Pool

Today the Albanese Government is releasing the modelling used to design the previous government’s Northern Australia Cyclone Reinsurance Pool.

Labor sought the release of the modelling at the time parliament was considering the legislation.

The then government refused. We now know why.

The promise of a premium reduction of up to 58 per cent was simply not true and they knew it.

The modelling predicts some communities could actually see their premiums rise.

The government acknowledges this is a difficult day for Northern Australians facing increasing cyclone risk who have been expecting substantial relief from high premiums.

The previous government was clearly engaged in a political solution based on deceit and deception rather than levelling with Northern Australians.

Today marks a new approach from the new government.

We will work with Northern Australian communities to understand the impact of rising climate risk on their homes and businesses.

We will be honest and upfront about the capacity of the Liberals’ Northern Australia Reinsurance Pool to address those needs.

We will work with insurance agencies and all levels of government to ensure the cost of premiums is minimised.

And we will work with local and state governments on mitigating the impact of severe weather risk in Northern Australia.