Queensland MP backs ACCC fix for premium woes
North Queensland independent MP Jason Costigan has voiced support for controversial measures the competition watchdog has submitted as a way out of the region’s struggle with insurance affordability.
A national home comparator, standardising definitions of prescribed events and a ban on broker commissions are among the fixes the Australian Competition and Consumer Commission (ACCC) made as part of its inquiry into the problem.
Insurers have mostly criticised the proposals for failing to address the underlying cause of high premiums in the region – the Federal Government’s continuing refusal to engage on the need for mitigation projects.
Mr Costigan wants the Queensland Government to act by taking up the ACCC proposals.
“When it comes to insurance it is no secret that we have a crisis, but from what we have heard in Parliament…just before the start of another cyclone season, it is plainly obvious the Palaszczuk Labor Government just does not give a rat’s,” he said in a statement on his Facebook account.
The [state] Government should have “at least [given] in-principle support as per those draft recommendations of the ACCC,” Mr Costigan says.
The ACCC measures have the support of the Labor Party’s Queensland branch, which launched an online petition pushing for adoption of the proposals.