Julia Gillard has announced the establishment of National Insurance Advisory Council (NIAC) to assist with flood mitigation and insurance risk, and in particular conduct a further study of strata insurance in N. Qld. One of the objectives of the NIAC will be to determine - “whether there is a role for Government in sponsoring mitigation work to alleviate insurance premiums in North Queensland?‘ - what nonsense is this – Are you going to build a wall around North Qld to stop the cyclones? We don’t need any more studies, a blind man can see the issues. Premiums for strata title properties have risen on average over 500%. With limited insurance companies in the market , people are often unable to obtain competitive quotes and there is clear case of market failure that needs immediate attention The impact of spiralling costs has eroded the unit market to the point that RP Data's last survey shows that 56.8 % of units sold in the December 2012 quarter were sold at below acquisition cost.