The Hon Bill Shorten
Assistant Treasurer and Minister for Financial Services & Superannuation
PO Box 6022 Parliament House
Canberra ACT 2600
On behalf of strata owners and residents around Australia OCN would like to congratulate and thank you for commissioning the 2011 inquiry into the operation of the insurance industry during disaster events, as well as the subsequent inquiry into the affordability of strata insurance.
Strata is the fastest growing form of residential property ownership in Australia, with over half the new metropolitan dwellings to be built over the next decades strata titled. Yet strata living is not well understood at either a federal or state level, leaving those people in an invidious position, and with insufficient protection regarding insurance cover, unfair contracts and defective buildings being just three examples of problem areas.
If the government responds responsibly to the recommendations contained in the two excellent reports produced by the House of Representatives Standing Committee on Social Policy and Legal Affairs, the positive effect on thousands of struggling Australians will be substantial.
OCN trusts that, under your direction, this will be the case and we note with pleasure that development of a Key Facts Sheet and standard Flood definition are already in progress. We very much look forward to the final outcome.
Again, we take this opportunity to congratulate you on this initiative, and to congratulate the Standing Committee on their efforts. We look forward to working constructively with you to improve strata living for thousands of Australian families.