The Australian Consumers Insurance Lobby (ACIL) is pressing Queensland politicians to commit to stamp duty reforms ahead of this year’s state election. 

It says the Cyclone Reinsurance Pool has not delivered expected relief to consumers in north Queensland who are under extreme financial pressure due to high insurance costs. 

“This issue is of paramount importance as speculation grows that the outcome of the Queensland election could hinge on the north Queensland seats,” ACIL said.

Policy options put forward include abolishing stamp duty, which it says will raise more than $1.5 billion in the coming year, or directing the funds towards mitigation and resilience spending. 

The group says people are paying the 9% duty on insurance policies including car, home, contents and business cover, and removing it would provide immediate cost of living relief. 

“With the unique challenges faced by north Queensland as a backdrop, ACIL urges policymakers to consider the proposed reforms seriously,” it said. “As the election draws near, there is a timely opportunity to address these pressing issues, offering a path to greater affordability, fairness and resilience for the people of Queensland, especially those in cyclone-prone north Queensland.” 

ACIL says it has engaged with state Treasury representatives and key opposition MPs and is planning initiatives aimed at fostering collaboration to ensure stamp duty reform is a priority. 

The Queensland election is due in October. Labor has held power since 2015.