The NT Government expects to raise $36 million from insurance taxes in the year to June 30, rising to $38 million next financial year.

The 10% stamp duty on general insurance policies contributes most of the revenue, budget papers show.

“The territory is an average taxing jurisdiction for insurance,” the papers say. “By comparison, the total tax load on insurance in NSW, Tasmania and Victoria is significantly above the national average when fire services levies are taken into account.”

The NT’s compulsory third-party premiums are slightly higher than average, because of the territory’s small size and high number of road accident casualties.