Oliver Peterson: Australian correspondent on Peter Dutton's plan to 'deal with' insurers if coalition wins Government

Peter Dutton has vowed to 'deal with' insurers if they do not drop premiums in higher risk areas.

The devastating floods in north Queensland have drawn attention to the fact that many Australians that live in disaster-prone areas are struggling to secure affordable insurance - and this will likely escalate as climate change ramps up.

 Australian correspondent Oliver Peterson says insurance premiums are skyrocketing year on year - and many are struggling to afford them.

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Episode Transcript

Speaker 1 (00:00):
International Correspondence with Ends and Eye Insurance Peace of mind
for New Zealand business OLLI Peters's with a six pr
per F Live presents a OI good afternoon, Good afternoon, Ryan.
So Peter doesn't says he'll break up the big insurance companies,
but then his deputy is kind of walking it back.

Speaker 2 (00:17):
Well, they haven't quite made up their minds yet. Of
course he's in a coalition arrangement. So whatever the Liberal
Party says, the Nationals don't have to agree to, and
whatever the Nationals say that Libs don't have to agree
to until they're once again in government. But look, you
know I don't mind this shot across the bow that
Peter Duarton sitting insurance. I'll give you an example. On Friday,
IAG recorded a half year profit here in Australia of

(00:39):
seven hundred and seventy eight million dollars Ryan. That's an
increase of ninety one percent compared to the same time
last year. The CEO himself gave himself a seventy eight
percent pay rise in that year. It's almost as much
as people's insurance premiums are going up and we get
in undated with feedback here on ourtook back lines just
about the sky rocketing high to insurance premiums, whether that

(01:01):
be motor vehicle, home and contents, insurance, health insurance, it
is starting to become unaffordable. So I think asking those
questions of the insurers and lots of people give us
the examples that they might be able to go and
reinsure their car with a different player and they can
get fifty percent savings. Explain it to us like you're
if you're recording a half year profit of a ninety

(01:23):
one percent increase, yere on you. And we understand there
are more natural disasters. We understand the reinsurance of insurance
with fires in Los Angeles, for example, is affecting the
Australian market. But some of these hikes that Australians are
experiencing on an annual basis to their insurance premiums, they
just don't seem.

Speaker 1 (01:40):
To add up. Yeah, well, we have the same story
over here at the side of the testament. I can
assure you with our insurance companies making a good coin.
But as you say, weather events in previous years risk
going forward, all that kind of stuff. But hey, it's
good politics, isn't it good? Politicis from Peter Dunton. Our
labor ministers, on the other hand, are ignoring the Treasurer's
instructions to just leave the Reserve Bank alone.

Speaker 2 (02:01):
Please. Oh, they are going as hard as they can
because Michelle Bullock has started that two day meeting and
we'll get in an announcement by this time tomorrow, Ryan
whether or not the interest rates will fall. Four point
three five percent is the cash rate in Australia at
the moment. I think every single economist is hedging their
bits that there will be a quarter of a percent
cut tomorrow. I'm not so certain, and not that I

(02:23):
know more than an economist, but you just go through
and I was reading all of her notes from her
last board meeting. There is nothing where she mentions that
she's even contemplating cutting rates. And I just think she
might hold tomorrow because of the fact that we're almost
in a federal election cycle. She might just wait till
the next board meeting, which is only a few weeks away.
Having said that, you have got every single labor MP

(02:46):
under the sun coming out like Sam Ray, I want
to cut. My community needs a cut. My job is
to stand up to the community.

Speaker 1 (02:52):
We need to.

Speaker 2 (02:52):
Cut they straight and deserve our thanks and praise. As
the Assistant Immigration Minister, Matt this will wait, Tanya plebus
X says, any of us who've got a bore which
would like a cut, that's for sure. And as you say,
Jim Chalmers, the Treasurer has told all of his fellow
labor politicians just don't talk about it, just don't mention it.
It's not our job. They're independent of us, and they
just ignored his advice. They've just gone out there to
fly to I mean this is great political grandstanding as well,

(03:15):
isn't it, Because if they cut tomorrow, then all these
pollisi's take the credit for it.

Speaker 1 (03:18):
Absolutely. Hey, record number of people traveling to Melbourne? How many?
Because we just had numbers. One point four million dollarzi
is came to New Zealand last year, So how many
of you are going to Melbourne?

Speaker 2 (03:29):
Well, just in January alone, three million international visitors who
decided to descend on Melbourne. I don't think it's just
three million international businits that obviously includes domestic I should say,
but you I think January Melbourne is pretty good time
a year Australian open He's obviously on you've also got
the Chinese New Year. The Victoria's Lunar New Year celebrations
are huge, and they've just recently announced more direct services

(03:52):
to the United States. I think there's three flights a
week these days on Delta Airways between Melbourne and the US,
so they're obviously. I'm very happy to see three the
three million mark past in January, and well maybe I'll
add to the what you say, one point four million
Australians came to New Zealand last year. I might add
to that tally sooner rather than later on and hit
your wife.

Speaker 1 (04:11):
That's interesting. So is that three million for the year
to January going to Melbourne?

Speaker 2 (04:16):
It is was the place with more than three million
passengers welcome through airport terminals in January.

Speaker 1 (04:21):
In January, just in January.

Speaker 2 (04:23):
Yes, goodness, may well we are people, isn't it.

Speaker 1 (04:25):
Well, well, this certainly is when you consider we had
three point three million for the entire year to December
here in New Zealand. Thank you very much, OLLI great
to have you on as always, Oli Peterson six PR
Perth Live presenter with us from Australia. For more from
Heather Duplessy Allen Drive listen live to news talks it'd
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(04:46):
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