Premiums fall Insurance quotes drop after companies join reinsurance pool

l FNQ

| Nick Dalton

THE cost of property insurance premiums in the Far North is starting to fall as insurers start joining the $10 billion Northern

Australia Reinsurance Pool. Federal Leichhardt MP Warren Entsch, who has been behind the pool, said since Sure and Allianz had become involved, quotes had fallen.

“Personally, I insured with

Sure. In April I received a renewal from another company and it was ridiculous,” he said.

Mr Enstch said he requested a price from Sure and it was nearly half for his house at Park Ridge. “They are very competitive.

There is some limited strata (title) cover but there will be more when some of the bigger companies come in,” he said.

“I have been referring people who contact my office to Sure and Allianz and the feedback we are receiving is that they have been getting more competitive quotes.”

Mr Enstch said more insurance companies would be joining the pool.

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Federal Budget: Hundreds of millions of dollars set aside for marine park

l FAR NORTH

| Nick Dalton HUNDREDS of millions of dollars have been committed by the Albanese Labor government to the Great Barrier Reef.

Great Barrier Reef special envoy Senator Nita Green said significant environmental investments had been locked in the 2023-24 Federal Budget.

Other specific budget items for the Cairns region included:

• $173.7m for road projects across the state

• $1bn for Olympic sporting infrastructure outside of Brisbane in Toowoomba and Cairns

• $176m has been allocated across forward estimates for the Cairns Marine Precinct and a new Central Queensland University campus in Cairns

• $13m across forward estimates for paddock to reef monitoring in northern Queensland.

She said the preservation of the Reef had always been a priority for Labor.

“In less than a year, the Albanese government has turbocharged Australia’s environment and climate agenda, is restoring our credibility and delivering a clear plan to protect the Great Barrier Reef,” said Senator Green.

“This week’s budget delivers $163.4 million to secure the future of Australian Institute of Marine Science which is headquartered in Townsville.

“This is a big deal for North Queensland – it means a hundred jobs will be saved and a hundred more will be created. It will also enable an ageing research vessel to be replaced and refurbishment of outdated facilities.

“North Queensland boasts some of the best scientists in the world so I’m proud that Labor’s investment in AIMS will ensure we remain at the forefront of marine science and continue developing innovative solutions to protect the Reef now and into the future.”

Senator Green also highlighted major investments in the budget that presented exciting opportunities for Great Barrier Reef catchments.

“The budget delivered $214.1m for the Albanese Labor Government’s Nature Positive Plan. This includes $7.7m to develop the foundations of the Nature Repair Market which will support landholders and encourage investment in projects to restore and protect nature.

“We have incredibly diverse and ecologically important eco- systems right across the north, so I look forward to the opportunities a Nature Repair Market will bring to our region, including in our Reef catchments.”

Senator Green said the budget built on Labor’s record $1.2 billion investment in programs to improve the resilience of the Reef, which will future-proof the Great Barrier Reef and the 64,000 jobs it supports.

Among Labor’s investments is $162m to manage the inva- sive Crown of Thorns Starfish, $150m to improve the quality of water flowing to the Reef through repairing land in catchments, $15m to support marine tourism operators to provide important Reef protection and conservation services at highvalue tourism sites across the Reef, tackling deadly ghost nets in northern Queensland waters, and strengthening the role of traditional owners in managing sea country.