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Legislative Assembly for the ACT: 2002 Week 7 Hansard (6 June) . . Page.. 2096 ..

Public liability insurance

(Question No 176)

Mr Humphries asked the Treasurer, upon notice, on 4 June 2002:

(1) What is the quantum of duties collected on public liability insurance in the ACT for the current financial year as at 31 March 2002?

(2) Is the quantum of duties collected on public liability insurance as at 31 March 2002 greater or less than the estimates prepared for the 2001 ACT Budget?

(3) What has been the trend in the payment of duties on public liability insurance during the period between 1 October 2001 and 31 March 2002?

(4) How has this pattern of payment of duties on public liability insurance varied from the same period in the previous financial year?

(5) What has been the basis for any changes in the pattern of payments of duties on public liability insurance between this and the previous financial year?

Mr Quinlan: The answer to the member's question is as follows:

Please note: answers are written in respect of Consolidated Financial Statements for the General Government Sector

(1) The duty collected on public liability insurance is not currently recorded separately from other insurance duties. The information below provides detail on general and life insurance duty of which public liability insurance is a component.

(2) The total amount of general and life insurance collected in the ACT, as at 31 March 2002, was $18.1m.

(3) The 2001 ACT Budget forecasts general and life insurances, totalling $21.3m, to be collected during the 2001-02 financial year. As at 31 March 2002, collections of $18.1m represented 85% of the original budget estimate (or 75% of the 2001-02 revised outcome).

Total general and life insurance, as at 1 October 2001 was $6.7m. The average collection, per month, during the period 1 October 2001 to 31 March 2002 was $1.9m.

(4)

Insurance Duty

Oct

Nov

Dec

Jan

Feb

Mar

$'000

$'000

$'000

$'000

$'000

$'000

2000-01

Month

1,608

3,001

1,854

2,474

521

1,531

YTD

5,934

8,935

10,789

13,263

13,784

15,315

% of Audited Outcome

28%

42%

51%

63%

65%

73%

2001-02

Month

1,918

2,295

1,242

2,477

1,657

1,767

YTD

8,662

10,957

12,199

14,676

16,333

18,100

% of Est Out

36%

45%

51%

61%

68%

75%

The above tabled indicates the pattern of revenue for the two periods.

(5) The pattern in payments for insurance duty has remained fairly consistent from 2000-01 to 2001-02. The increase in insurance duty collected mostly reflects increased insurance premiums.

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