Finance Minister Lindsay Tanner is giving nothing away ahead of the Federal Government’s belated response to the Henry Tax review, saying nothing can be ruled out before its release next Sunday – nearly five months since the review was completed.

Mr Tanner has not specified reform of insurance taxes among the review’s “smorgasbord of possibilities”, and has warned not all of the report’s recommendations will be implemented.

“We’ve ruled out changes to the GST, either increasing the GST or changing its scope,” he told ABC-TV last week. “But other than that and the change in the superannuation arrangements… people shouldn’t assume that we are just going to automatically implement whatever the Henry committee tells us.”

Mr Tanner’s comments don’t sound promising for the insurance industry, which has lobbied for years against state-based taxes on insurance products. The industry has been encouraged by comments from the review’s chair, Ken Henry, which criticised state stamp duty on insurance and the fire services levy as “bad taxes”.

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