Australia's state governments collected $6bn in insurance stamp duty, a 6% increase, contributing to over 20% tax on insurance premiums.
Australia's state governments collected $6bn in insurance stamp duty in the last financial year, a 6% increase. Combined with GST, insurance premiums face over 20% tax. The Insurance Council of Australia says this discourages private insurance. Assistant Treasurer Stephen Jones suggests states stop approving flood zone developments, improve infrastructure management, and reassess disaster funding.
July 21, 2024
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