The release of a final flood definition is held up in Minister Bill Shorten’s office, Treasury officials admit.

Treasury GM, Retail Investor Division, Sue Vroombout told the Senate Economic Legislation Committee on May 31 the definition will be released “shortly”.

“Ultimately that is a matter for the minister’s office,” she said. “The definition is close to finalisation [and] my expectation is it will be released shortly.”

Ms Vroombout says the wording of the standard definition has largely been settled and Treasury is working with the Insurance Council of Australia on finalising the documentation.

Treasury Markets Group Executive Director Jim Murphy told the committee the new definition will be better for consumers and the contents of the December draft will be close to the final document.

He says Treasury wants the issue cleared up as soon as possible.

“One would hope that with a lot of ministers and a lot of time that has been spent on the budget process and also in the department, we should hopefully finalise all of this before the winter break,” he said.