Insurance premiums for Far North Queensland homeowners will continue to soar due to a lack of funding from the Morrison Government, say Members of Parliament.
Despite promises of a $10 billion reinsurance pool, Federal Budget papers reveal that the Morrison Government has only allocated $2.4 million to establish a taskforce to begin consultation on the reinsurance pool. The pool would not commence until 1 July 2022 at the earliest – at least another storm season away.
Member for Barron River Craig Crawford said Far North Queenslanders deserved better.
“This is an absolute slap in the face to the people of Far North Queensland,” he said.
“Insurance premiums will continue to soar because Scott Morrison dragged his feet.
“Easing cost of living pressures for working families should be a priority for the government.
“But instead, we’ve seen our lazy local member completely sell out to Canberra.
“I urge the Federal Government to go back to the drawing board immediately and deliver the $10 billion reinsurance pool they promised.”
Queensland Assistant Minister for Tourism and Member for Cairns Michael Healy encouraged the Federal Government to properly fund the $10 billion reinsurance pool.
“Rising insurance premiums are an issue that affect thousands of people here in Cairns,” he said.
“The Federal Government committed to addressing this issue. But the Federal Budget shows we were sold a lemon.
“This just goes to show that only Labor will stand up for the people of Far North Queensland.”
State Member for Cook Cynthia Lui said the Federal Government needed to be held accountable for the mishandling of rising insurance premiums.
“The funding announced in the budget is for consultation – no real action on insurance premiums,” she said.
“What’s even more disappointing is that nothing will happen until July next year at the earliest.”