On 30 March 2015, the Hon Josh Frydenberg MP announced a Northern Australia Insurance Premiums Taskforce to explore options for reducing home, contents and strata insurance premiums in Northern Australia.
The Taskforce is headed by Mr Mike Callaghan AM, a former Executive Director in the Australian Treasury. Mr Callaghan leads a team that is responsible for providing the interim report and the final report to Government with recommendations on the best way forward. The Taskforce is required to provide its final report to Government by November 2015.
The Taskforce is supported by a Reference Panel made up of experts representing the insurance industry, consumers and government. The Reference Panel provides ongoing advice and feedback to the Taskforce in preparing their report and recommendations.
The Taskforce also consults widely with a range of experts and other stakeholders.