ACCC final report on insurance pricing still with Treasurer
IT HAS been almost a week since the country's consumer watch dog handed down its final report to the Treasurer after a three-year probe into high insurance costs for Northern Australians.
But the report is yet to be publicly released, prompting Federal Labor politicians to call on the Morrison Government for urgent action.
"Homeowners in Northern Australia are begging for the promised intervention to drive down soaring insurance premiums with some now unable to afford their bills," Queensland Senator Nita Green said.
"Insurance cover is increasingly unattainable and unaffordable for too many residents in Northern Australia.
"The Morrison Government must now urgently reply to the ACCC's final report and help the people of Northern Australia."
A spokesman for Dawson MP George Christensen said: "Rather than responding to complaints from a Labor backbencher who brings no practical solutions to the table; George is working hard inside the government to get a fix to North Queensland's insurance crisis".
State Government directed the Australian Competition and Consumer Commission to conduct a wide-ranging investigation into the supply of residential building, contents and strata insurance to Northern Australians.
The inquiry, which began in July 2017, was to address concerns over insurance availability and affordability, promote more information and competitive insurance markets in efforts to make a difference for those living in the north.
An interim report found about 17 per cent of households across the north (roughly 62,125 home) did not have insurance.
It is understood the final report will be publicly released by late next week.