Senate debates

Wednesday, 23 June 2010

Last Resort Builders’ Home Warranty Insurance

4:13 pm

Photo of Christine MilneChristine Milne (Tasmania, Australian Greens) Share this | | Hansard source

I move:

That the Senate—
notes that:
a crisis is looming in the building industry with Vero exiting the last resort builders’ home warranty insurance market in New South Wales by 30 September 2010 and in all other states by 30 June 2010 leaving only two providers in the market, QBE Insurance and Calliden,
this insurance product is mandatory by law in all states except Tasmania and Queensland,
thousands of Australian builders will be left without this insurance product on 30 June and 30 September 2010, respectively, requiring them to build illegally or to stop building immediately unless QBE Insurance provides insurance or there is government intervention within the next 8 days, and
small building firms will be disproportionately affected as they will not be as attractive to a virtual monopoly provider as large building firms; and
calls on the Federal Government to act immediately with their state government counterparts to remove the mandatory requirement for this product before this impending crisis in the building industry occurs.

Question put.