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$10bn guarantee for cheaper home and business insurance

“We believe in the future of Northern Australia. This means we need to take further action to boost the resilience for Australians to live and work in Northern Australia,” Mr Morrison said.
“Homeowners and businesses have been faced with crippling insurance costs, and in some cases, can’t get insurance at all. It’s not OK, and we’re going to change that.
The average strata premium was $6800 in North Queensland, twice the Australian average of $3300.
“Our plan will give more Australians in cyclone-prone areas access to affordable insurance.”
The report, handed down in January 2021, revealed Northern Australians were being slugged with premiums twice the national average.

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