ICA's Push for Reforms to Lower Insurance Costs and Strengthen Housing Resilience in Queensland

One of the key recommendations is the abolition of the 9% stamp duty tax on general insurance premiums. In the 2024-25 period, Queensland residents paid approximately $1.66 billion in insurance stamp duty, equating to $265 per person. Removing this tax could alleviate financial burdens on homeowners and encourage broader insurance coverage.

Additionally, the ICA emphasises the importance of integrating disaster resilience into land use planning and building regulations. By mandating that new constructions adhere to standards capable of withstanding extreme weather events, the state can mitigate potential damages and associated insurance claims. This proactive approach not only enhances the safety and durability of housing but also contributes to the overall stability of the insurance market.

For construction businesses operating in Queensland, these proposed reforms signal a shift towards a more resilient and economically efficient industry. By aligning with updated building codes and focusing on disaster preparedness, builders can offer more secure and sustainable housing solutions. Moreover, the potential reduction in insurance-related taxes may lead to more competitive premium rates, benefiting both builders and homeowners.

In summary, the ICA's advocacy for reforms in Queensland's construction sector underscores the need for a holistic approach to building resilience and economic efficiency. By addressing taxation, land use planning, and regulatory standards, these changes aim to create a more robust and sustainable construction industry in the state.