Australia’s peak organisation for apartment and unit owners has described as “ground breaking and the end of a financial nightmare”, confirmation by the Federal Government that it will proceed with legislation this week for the proposed $10billion reinsurance pool for Northern Australia property owners.
Australian Apartment Advocacy group (AAA), says thousands of apartment owners in North Queensland, NW WA and so forth had gone through financial hell in trying to meet rising insurance costs over the last five years.
“This is ground breaking stuff by the Federal Government and I hope that all political parties get behind it when the Bills come before Parliament this week” AAA head, Samantha Reece, said today.
“We have heard some horror stories from the North where people have given up trying to insure their apartment or unit in the most cyclone and tropical storm lashed area in Australia.
“It has been a financial nightmare for thousands of people.”
“It would be a tragedy if the reinsurance Bills were lost in party political infighting leading up to the Federal election.
“This is about people’s lives and not elections.”
The Prime Minister and Federal Treasurer have confirmed the Bills will be introduced into Federal Parliament this week, with the reinsurance pool to take effect from 1 July.
According to some estimates, Insurance premium saving could be as high as 46% for some businesses and apartment owners.
“The priority now is to ensure these Bills get through Parliament without delay.
“Anyone who tries to delay these Bills because of the Federal election will pay a heavy price at the ballot box in March.”