Northern Rivers Business Magazine
Changes to Home Warranty Insurance
The State Government will commence underwriting the Home Warranty Insurance Scheme in NSW after the failure of privatisation.
Commencing 1 July 2010 it will provide cover to NSW consumers of up to $300,000 in circumstances where their builder is no longer able or capable of completing the project or rectify defective work.
The new model will be underwritten and capitalised by the Government, funded by home warranty insurance premiums and managed by Treasury through the Self Insurance Corporation.
Cover for building projects already issued by insurers will remain in force for the duration of the policy.
This month’s jobs figures show a slight improvement in the unemployment rate, however NSW is still ranked worst in the country.
While we welcome any improvement in jobs figures, NSW remains dead last behind every other State and Territory.
It is a relief NSW has not seen further job losses, yet we still have to despair that NSW residents face the poorest job prospects in the country.
If the State Labor Government had adopted the Liberal/Nationals plan to cut payroll tax by up to 20% employers would have been able to save jobs across the State.
According to the Australian Bureau of Statistics, unemployment in NSW fell 0.3% to 5.6% over the last month, compared to the national average of 5.3%.
It is good news it looks like the broader national economy is dragging NSW forward slightly, however the fact remains NSW is limping out of recession.
For almost the entire period of the last four years NSW has had the highest unemployment rate in the country.
Any signs of recovery that we are seeing in NSW today are despite the State Labor Government – not because of them.