Stamp duty, combined with GST, usually adds more than 20% to insurance premiums and has been blamed for high numbers of underinsurance or non-insurance.

In its state budget announced in May, Victorian Government confirmed that it would axe the 10% stamp duty on agricultural insurance, making products more affordable for farmers.

“Not only does it make sense to remove barriers to homes and businesses purchasing insurance, research by Deloitte Access Economics in 2015 found that the long-term impact of replacing these inefficient taxes would be a boost to Victoria’s economy of more than a billion dollars.”

Insurance Business Magazine agrees that the removal of stamp duty from insurance products has been a long time coming for the insurance industry.

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