The 210pc insurance tax you didn’t know you were paying
No other tax has such a large economic welfare loss. Despite the Henry Tax Review wanting them scrapped, taxes on insurance premiums continue to distort the market.
As the quip goes, insurance is a bit like a parachute – if it isn’t there the first time, chances are you won’t be needing it again.
With the preparedness and response phases from Cyclone Alfred edging towards a close, minds are quickly turning to the recovery phase.
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Alex Sanchez is an economist and former senior adviser to the Albanese government and formerly General Manager of Policy at the Insurance Council of Australia.
