Shadow Treasurer Joe Hockey has promised to put insurance tax reform on the Liberal Party’s political agenda should the Henry tax review fail to address the issue.

Speaking at the Investment and Financial Services Association’s inaugural Life Insurance Conference in Sydney last week, he said he would be “dumbfounded” if the review did not recommend a rationalisation of insurance taxes.

“It’s such an obvious area of reform,” he said. “If Henry doesn’t [rationalise taxes], we will find a way to.”

The Federal Government is currently reviewing a final report by the review panel of Australia’s Future Tax System, chaired by Treasury Secretary Ken Henry.