I move:

That the Senate—

(a) notes that:

  (i) the Australian Competition and Consumer Commission's (ACCC) inquiry into northern Australian insurance found insurance premiums rose by 130% in northern Australia over the past decade, compared to just over 50% in the rest of the country,

  (ii) 82% of those surveyed by the ACCC experienced some level of underinsurance,

  (iii) the ACCC has published two reports that made 28 recommendations aimed at making insurance in north Queensland fairer, and more transparent,

  (iv) the ACCC has urged the Federal Government to act quickly to respond to the ACCC recommendations to improve northern Australian insurance markets,

  (v) in 2015, the Member for Leichhardt described the insurance situation as being in "crisis", and this week the Member for Dawson acknowledged that we are "at crisis point right now", and

  (vi) the Federal Government promised to fix this crisis, but they have refused to take any action; and

(b) calls on the Federal Government to act quickly to respond to the ACCC's recommendations.

I seek leave to make a short statement.

Leave is granted for one minute.

The Commonwealth is already taking action on the key recommendations of the ACCC, including extending unfair contract term protections to insurance contracts and improving disclosure practice for better consumer understanding and access to information. The government remains committed to working with all stakeholders to develop solutions that will lead to a sustainable reduction in premium levels, promote a competitive insurance market and make a recognisable difference for consumers in northern Australia.

Question agreed to.