US election results push bitcoin to new record, 'Trump trades' push global markets higher — as it happened
ABCEarlier today in estimates hearings, Greens Treasury spokesman Nick McKim asked Treasury secretary Steven Kennedy about climate change and insurance premiums. Senator McKim wanted to know if Dr Kennedy had turned his mind to the stresses in Australia's insurance industry, and what the government's balance sheet might look like in the future as it increasingly becomes an "insurer of last resort". I want to raise that because I think - and I'll come to the climate risk which I agree with you is increasing and a substantial part of the story - but I do want to raise that also a very substantial part of the near-term story is simply if the dwelling has increased more in cost, it costs more to replace, and that is a significant part of premiums at the moment. But you are pointing out some of the more extreme circumstances which may become more widespread, which governments, and I'll have to go back to, including state governments, will have to think very carefully about, because we have people living in areas that, as you said, insurance companies are going to find it very difficult to insure.
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