Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I thank the member for his question, and I commend his long-term advocacy for the people of Clark and for his thoughtful contribution on a wide range of policy issues during my time in this chamber. I do acknowledge that a number of households across our community are feeling cost-of-living pressures in insurance, whether it be property insurance or health insurance.

I'll deal with property insurance first. Can I say that his is a longstanding and complex issue. I do want to acknowledge the member for Calare, and my predecessor, Stephen Jones, for having initiated and promoted an inquiry into flood insurance which I chaired in the previous term. That was an inquiry which dealt with a range of issues which were much more broader than flood insurance, though, and which went to systemic issues of risk across a number of communities.

Can I say that coming out of that inquiry were 86 recommendations, most of which were unanimous across members of the government, members of the opposition and the crossbench. There are already a range of things that are occurring as a result of those recommendations. For example, the general insurance code of conduct is now going to be approved by ASIC, a measure which the industry has accepted and which I say is at least in part a result of that inquiry. In addition, the general insurance code of conduct will be enforceable, going forward, once it is redesigned by the industry in consultation with other stakeholders. They are measures which will make a real difference to consumers.

In addition, work is underway to standardise certain terms, which the industry is undertaking and which I am engaging with industry and consumer groups in relation to. Again, that will make insurance policies easier for consumers to digest. There are a range of other processes underway to make sure that the actual clauses in the insurance code of conduct provide appropriate protections around cash settlements, temporary accommodation and other issues.

Can I also say that the work of my colleague the minister for emergency services continues. The Disaster Ready Fund and the Hazards Insurance Partnership are key measures through which government is spending far more on mitigation than it used to and is informing those projects through the Hazards Insurance Partnership. Those projects, as they roll out, will significantly reduce risk in high-risk areas, and those projects will see premiums come down in those communities that benefit. Those are practical things occurring, both in terms of consumer protections and dealing with the underlying risk.

The member also raises health insurance. While that's not directly in my portfolio, I can say that the Minister for Health and Ageing is working closely with the sector on this issue. He has established a CEO forum by which CEOs across health insurers and hospitals are working collaboratively on very complex issues. The government presented a package of reforms to the private health CEO forum to make maternity, mental health and Hospital in the Home services more available and affordable. So, across both those areas—general insurance on property as well as health—the government has a range of short-term and long-term measures for the benefit of consumers.

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