Agriculture | April 28, 2017

Waiving of stamp duty on multi-peril crop insurance


Waiving of stamp duty on multi-peril crop insurance

Following extensive lobbying by local farmers and The National Party, the Victorian Government has finally announced that it will remove stamp duty on insurance against damage to crops, livestock and equipment in next week’s State Budget.

This win for local farmers is another example of The Nationals fighting for a fair deal for regional Victoria.

I first raised this matter in Parliament in February 2016 urging the Premier make good on his commitment to examine the cost of multi-peril crop insurance for drought-stricken food producers in Western Victoria.

At the time grain, pulse and legume producers in some areas of western Victoria were suffering from the lowest ever two-year rainfall levels and were increasingly turning to multi-peril crop insurance to guarantee some return on their cropping input costs.

However many farmers were not taking out this insurance due to the high premiums and some products requiring 10 per cent of the maximum claimable amount.

Our solution of waiving stamp duty on this insurance product was a simple way for government to support and empower our farmers to better manage their risk profile.

I am pleased that the extensive lobbying by The Nationals and local farmers on this important issue has led to the introduction of a policy that will save farmers up to 10 per cent on insurance against flood, fire and other accidental provisions.

We will continue to fight for our local farmers on issues that will help ensure their financial sustainability into the future.

Emma Kealy

Nationals Member for Lowan

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