NIBA CEO Dallas Booth appeared on last night’s Nine News in Sydney, pushing the case to do away with insurance taxes.
The story was sharply critical of the NSW Government’s multi-billion dollar take in GST, stamp duties and emergency service levies on insurance premiums.
“There is a cascading effect – a tax on a tax on a tax,” Booth said. “It will increase the cost of your insurance premium by about 40% for your home and contents.”
Insurance Council of Australia spokesman Campbell Fuller was also quoted, calling the taxes a disincentive to be properly insured.
Although the NSW Government has previously floated the idea of following Victoria’s lead and abolishing its emergency services levy but action on prospect has been deferred until at least next year.