Shadow treasurer Angus Taylor says the Coalition’s divestment plans don't include the insurance industry, backing away from leader Peter Dutton’s comments last month. 

Mr Taylor says, if elected, the Coalition would look at divestment solutions for supermarkets and hardware sectors if they failed to “do the right thing by their customers”.  

“If they act in an anti-competitive way, if they misuse market power in their markets, then they will be subject, under a Coalition government, to the prospect of divestment as part of a package of measures that can be taken to ensure that they support and do the right thing by their customers,” Mr Taylor said.  

But when asked if divestment was on the cards for insurers, Mr Taylor said it was not.  

“We’ve said we’ll keep it confined to supermarkets and hardware,” Mr Taylor said.  

“We expect to have a competitive insurance industry that always does the right thing by its customers, and if they don’t, we will take action to ensure that we get the right outcomes for all Australians.”  

Mr Dutton had previously put the industry “on notice” to bring down insurance costs.  

“As we’ve done with the supermarkets, where we have threatened divestment if consumers are being ripped off, similarly, in the insurance market, we will intervene to make sure consumers get a fair go,” Mr Dutton said. 

Industry groups outlined the need for more disaster mitigation and removing insurance taxes and stamp duties as action that would reduce premiums.   

One Nation has announced it would back proposals to scrap GST on insurance premiums, with party leader Pauline Hanson blaming crime and natural disasters for rising costs. 

“One of the more perverse outcomes from escalating crime is that the federal government receives more revenue on the back of rising insurance premiums,” Ms Hanson said.  

“Crime should not pay; not for the criminals who commit crime, and not the government either. 

“If we are in a position to implement this policy after the election, it is hoped this exemption will encourage more Australian households and businesses to maintain their insurance policies and encourage states and territories to do more about escalating crime.”