❓ Hon. Samantha Rowe questions the Treasurer regarding the financial aspects of the proposed no-fault insurance scheme, including tax revenue projections and the justification for CTP insurance increases. The Treasurer provides revenue estimates but declines to release the actuarial modelling due to cabinet confidentiality.
AnsweredQoN 601Legislative Council
QuestionView source ↗
NO-FAULT
INSURANCE SCHEME
601. Hon SAMANTHA ROWE to the m inister representing the Treasurer:
I refer to the media statement of 14
May 2015 in relation to the government's proposal for no-fault
insurance.
(1) What are the estimated amounts of
insurance tax to be collected in 2016–17, 2017–18 and 2019–20
for —
(a) compulsory third party insurance, exclusive of the no-fault
insurance premium; and
(b) no-fault insurance?
(2) Why does the government need to increase
the cost of compulsory third party insurance, exclusive of the no-fault
insurance charge of $99, by almost 15 per cent in 2016–17?
(3) Will the Treasurer release the actuarial
modelling which shows how the $99 premium for the no-fault scheme was
calculated?
(4) If no to (3), why not?
INSURANCE SCHEME
601. Hon SAMANTHA ROWE to the m inister representing the Treasurer:
I refer to the media statement of 14
May 2015 in relation to the government's proposal for no-fault
insurance.
(1) What are the estimated amounts of
insurance tax to be collected in 2016–17, 2017–18 and 2019–20
for —
(a) compulsory third party insurance, exclusive of the no-fault
insurance premium; and
(b) no-fault insurance?
(2) Why does the government need to increase
the cost of compulsory third party insurance, exclusive of the no-fault
insurance charge of $99, by almost 15 per cent in 2016–17?
(3) Will the Treasurer release the actuarial
modelling which shows how the $99 premium for the no-fault scheme was
calculated?
(4) If no to (3), why not?
AnswerView source ↗
I thank the member for some notice of the question.
(1) (a) CTP insurance duty: $70 million in
2016–17, $76 million in 2017–18 and $88 million in 2019–20;
and
(b) no-fault insurance duty: $20 million in
2016–17, $21 million in 2017–18 and $23 million in 2019–20.
(2) The cost of CTP insurance, excluding
no-fault insurance, is not estimated to increase by 15 per cent in 2016–17.
(3) No.
(4) The actuarial modelling was presented to
the Economic Expenditure and Reform Committee and cabinet as part of the
deliberative processes of government in the preparation of the 2015–16
Western Australian budget. As the information is classified as
cabinet-in-confidence, I am unable to provide the member with a copy of that
material.
(1) (a) CTP insurance duty: $70 million in
2016–17, $76 million in 2017–18 and $88 million in 2019–20;
and
(b) no-fault insurance duty: $20 million in
2016–17, $21 million in 2017–18 and $23 million in 2019–20.
(2) The cost of CTP insurance, excluding
no-fault insurance, is not estimated to increase by 15 per cent in 2016–17.
(3) No.
(4) The actuarial modelling was presented to
the Economic Expenditure and Reform Committee and cabinet as part of the
deliberative processes of government in the preparation of the 2015–16
Western Australian budget. As the information is classified as
cabinet-in-confidence, I am unable to provide the member with a copy of that
material.
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