Northern Australia is at the centre of an escalating political row as the Turnbull Government and the Labor Opposition trade barbs over the long-standing problem of rising insurance premiums.

Labor has today attacked Revenue and Financial Services Minister Kelly O’Dwyer’s failure to respond to the Northern Australia Insurance Premiums Taskforce final report, calling it symptomatic of the Government’s “do-nothing” approach.

“The response has never been provided despite the serious impact escalating premiums are having on households and businesses in cyclone-prone northern Australia,” Shadow Minister for Small Business and Financial Services Katy Gallagher and Shadow Minister for Resources and Northern Australia Jason Clare said.

“It’s well past time for the minister to step up and take some responsibility here… instead of the petty finger-pointing the minister is currently engaging in.”

Ms O’Dwyer had promised a detailed response by June 30 last year. The taskforce report was presented to Treasury in November 2015.

But she now says a new pricing inquiry by the Australian Competition and Consumer Commission (ACCC) will give the Government new insight, including the premium impact of Cyclone Debbie in March and April.

Ms O’Dwyer has also called on the Queensland Government to help reduce premiums by reforming strata regulations and inefficient state taxes, including taxes on insurance.

“The federal Labor opposition should focus on encouraging its Queensland Labor colleagues to take action immediately,” she said on Friday.

Ms O’Dwyer says the Government remains committed to addressing the situation in northern Australia, and the ACCC pricing inquiry demonstrates that.

The ACCC started monitoring the northern Australia home insurance market this month for the inquiry requested by Treasurer Scott Morrison.

Its final report is due by November 30 2020.

Senator Gallagher told insuranceNEWS.com.au it is “hard to understand why another inquiry needs to be conducted when we know the Government is sitting on a detailed report with recommendations that could shed some light on this issue”.