The Morrison Government will further ease cost of living pressures for Far North Queenslanders after legislation to establish the reinsurance pool for cyclone and related flood damage passed parliament. More than 880,000 residential, strata and small business property insurance policies across Northern Australia are expected to be covered for the risk of cyclone and related…
Mr ENTSCH: I rise to speak on the Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022. I have to say, before the member for Kingsford Smith leaves the chamber: this hasn’t been a nine-year journey. The first time we had the opportunity of fixing this catastrophe was back when I approached his Treasurer,…
The Morrison Government has finalised the design of the reinsurance pool for cyclone and related flood damage following consultation on the draft legislation. The reinsurance pool will be backed by a $10 billion annually reinstated Commonwealth guarantee and be administered by the Australian Reinsurance Pool Corporation. The reinsurance pool will come into effect from 1 July 2022. More…
The Morrison Government has released draft legislation on the reinsurance pool for cyclones and related flood damage. This is the next step in delivering the Morrison Government’s commitment to establishing a reinsurance pool that will support and protect hardworking people in Northern Australia. Federal Leichhardt MP Warren Entsch said the government had listened to Far…
MR ENTSCH: It gives me great pleasure to advise that the land required to build the Cairns university hospital has now been purchased. It’s a major step in ensuring the long-overdue and much-needed project becomes a reality. In 2019, the Morrison government, in partnership with James Cook University, announced a $60 million investment to get…
Northern Australian residents will be offered more affordable and accessible home and business insurance, thanks to the establishment of a reinsurance pool by the Morrison Government. The reinsurance pool will cover cyclone and related flood damage in northern Australia from 1 July 2022 and is backed by a $10 billion government guarantee. This will reduce…