The Federal Government must as a “matter on priority” abolish state taxes on insurance products, according to a report on Australian financial services.

The removal of the fire services levy and stamp duty on insurance products is among five recommendations by the Australian Financial Centre Forum, chaired by former Macquarie Bank director Mark Johnson.

Six reports in the past three years have now investigated and recommended an end to insurance levies.

The latest findings were delivered to the Federal Government in November and made public last month. They add to a growing list of similar findings by reports commissioned by the federal, NSW and Victorian governments.

The forum says such a move would lift insurance take-up rates in Australia and bolster our credentials as a financial services focal point in the Asia Pacific region.

Taxes on insurance products deliver $4.25 billion to state coffers each year.