ICA Calls for Comprehensive Reforms in Queensland's Insurance and Building Sectors

One of the primary concerns highlighted by the ICA is the 9% stamp duty imposed on general insurance premiums. In the 2024-25 period, Queensland residents collectively paid approximately $1.66 billion in insurance stamp duty, averaging $265 per person. The ICA advocates for the removal of this tax to alleviate financial burdens on policyholders and encourage broader insurance coverage.

In addition to tax reforms, the ICA emphasises the need for improved land use planning and building regulations to bolster the resilience of structures against natural disasters. By integrating resilience measures into the National Construction Code, new homes can be constructed to better withstand extreme weather events, potentially saving billions in future damage costs.

The ICA's recommendations also address workforce flexibility within the construction industry. By streamlining regulatory processes and fostering a more adaptable workforce, the industry can respond more effectively to evolving challenges, including labour shortages and escalating construction costs.

These proposed reforms come at a critical time, as the construction sector grapples with rising material costs and a shortage of skilled labour. Implementing the ICA's recommendations could provide a pathway to a more sustainable and resilient construction industry in Queensland, ultimately benefiting both builders and homeowners.

In conclusion, the ICA's call for comprehensive reforms in Queensland's insurance and building sectors underscores the importance of proactive measures to enhance resilience and affordability. By addressing key issues such as tax burdens, regulatory frameworks, and workforce flexibility, these reforms have the potential to strengthen the construction industry and provide greater protection for Queensland residents.