Assistant Treasurer, Stuart Robert, has signed the Terrorism Insurance Act 2003 – Premiums Direction 2019 that updates Australian Reinsurance Pool Corporation’s (ARPC) postcode allocation list so appropriate premiums may be charged to reinsure properties in those postcodes.
The adjustments will take effect on 1 July 2019 and are as follows:
Please visit the Postcodes page here to view a summary of postcode tier classification changes effective 1 July 2019, and a a summary of all current Australian postcodes and their associated tiers.
- Newly classified major metropolitan/CBD area – Pyrmont and Ultimo are now part of the Sydney CBD area due to a major development of high rise commercial ad high value residential buildings. Pyrmont and Ultimo have been reclassified as Tier A from Tier B.
- New urban fringes – 16 postcodes at the borders of urban areas that are now undergoing substantial development have been reclassified as Tier B from Tier C. The most notable changes include Heathcote, Engadine, Riverstone and Marsden Park in New South Wales; Greenvale in Victoria; and Port Kennedy, Secret Harbour, Golden Bay, Lakelands, and Mandurah in Western Australia
You can download the Assistant Treasurer to ARPC (Payments to the Commonwealth) Direction 2019which legislates the changes here.