The Hodgman Liberal Government is committed to reducing cost of living pressures on Tasmanian families.
That’s why I am pleased today to announce that for the second consecutive year under this Government the majority of Tasmanian motorists will not see an increase in their Motor Accident Insurance Board (MAIB) premiums.
In real terms, this represents a saving for most motorists and a reduction in the costs of living for a great many Tasmanian families.
This is also in spite of the Economic Regulator providing for premium increases of up to 2.4 per cent.
Minor variations in premiums will only apply to a small number of vehicle classes, such as medium to large motorcycles and off-road vehicles.
A strong result in 2014-15, the MAIB’s 40th year of operations, has allowed the board to avoid a general increase.
The MAIB recorded an operating result before tax of $137.2 million, enabling the board to provide for a one-off Special Dividend to Government of $100 million.
A 2.6 per cent reduction in new claims – meaning fewer people were injured in crashes on Tasmanian roads last year – together with an 8.4 per cent investment return has delivered this result.
As outlined in the Annual Report, which I tabled today, the MAIB is continuing to provide significant financial support to road safety in Tasmania.
Funding the education and enforcement strategy of the Road Safety Advisory Council, the MAIB has committed indexed funding of $3.6 million a year.
The board also sets aside one per cent of its gross annual premiums to fund its Injury Prevention and Management Foundation, which fosters research, education and service programs in the Tasmanian community.
The MAIB is a tremendous corporate citizen and Tasmanian motorists are reaping the benefits of its strong fiscal management.