9 May 2012

Insurers welcome Budget’s NDIS commitment

The Insurance Council of Australia (ICA) today welcomes the Federal Government’s commitment to the National Disability Insurance Scheme (NDIS) and announcement to allocate $1 billion to the scheme over the next four years.

As announced in the Budget, the first phase of the scheme will include assistance for 10,000 people at four yet-to-be-named test sites from July 1, 2013, rising to 20,000 people in 2014.

The ICA has previously made submissions to the government on how an NDIS could be funded, and the general insurance industry will continue to work with government and stakeholders to offer input and support the scheme.

The ICA would be keen to hear the government’s plans beyond this initial $1 billion, with the Productivity Commission estimating the cost of rolling the scheme out nationally at $13.5 billion.

The ICA would also welcome moves by the Federal Government to act on the Productivity Commission recommendation that the states be relieved of their disability funding in exchange for the removal of state stamp duties and levies on insurance.

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