The National Insurance Brokers Association (NIBA), the body representing the insurance broking profession in Australia, has welcomed the election victory of the incoming Labor Party (Labor) government of new Prime Minister Anthony Albanese.
In a statement, NIBA CEO Philip Kewin said the organisation looks forward to working with the new government in achieving the best outcomes for its members and the broader community in which insurance brokers play a critical role. He also welcomed Labor’s commitment to increasing investment in community resilience through a $200 million a year Disaster Ready Fund that the organisation deemed a good starting point.
“NIBA looks forward to working with the incoming Labor Government, the Opposition, and the cross bench on important issues such as resilience, as well as the implementation of the recommendations from the Quality of Advice Review to be handed down in December 2022,” Kewin said.
Many within the insurance industry congratulated the 31st Prime Minister Anthony Albanese and the incoming Labor Party government for their election victory. The Insurance Council of Australia (ICA) congratulated the incoming government and the new prime minister and welcomed the party’s election campaign commitment to improving communities’ disaster resilience.
Meanwhile, Members Health Fund Alliance (Members Health) CEO Matthew Koce said the not-for-profit and member-owned health insurance sector looks forward to supporting the incoming government’s efforts to further improve healthcare services and outcomes for Australian families, especially after its analysis found that patients might be charged a whopping $5,000 more for an identical medical service in Australia than in France.
“According to a comparison of the prices listed in Australia and France, the world’s largest global manufacturers are charging a whopping 158% to 256% more in Australia for hip replacement components. Pacemaker manufacturers are charging between 28% to 85% more,” Koce said. “As strong consumer advocates, it is our hope that the Albanese Government will reform a regulated pricing scheme that effectively gives medical device companies a license to print money and generate massive profits at the expense of vulnerable Australians.”
The Association of Superannuation Funds of Australia (ASFA) – the peak policy, research, and advocacy body for Australia’s superannuation industry – also congratulated the Albanese Government and Dr Jim Chaimers’s appointment as treasurer.
“Dr Chalmers is well placed, given his experience, to steer superannuation policy and ensure as many Australians as possible can retire with dignity,” it said in a statement. “We welcome comments by Prime Minister Albanese over the weekend on the importance of universal superannuation and look forward to working constructively with the new government and treasury team on superannuation matters.”
