Income Insurance Australia

... helping Australians to secure a prosperous future

Income Insurance Australia :: News

Share this news item!

NSW Review Sheds Light on Strata Sector Transparency

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The NSW state government has initiated a deep dive into the operations of a leading strata management firm.

This move underscores a growing tide of demand for increased clarity and fairness in the industry.

Responding to mounting public scrutiny, this investigation sets a new precedent in the regulation of property management entities.

An exposé by ABC triggered the closer examination of Sydney-based agency Netstrata, spotlighting the steep insurance brokerage fees imposed on property owners. Such revelations drew attention to the industry's standard practices, prompting a call for a systemic overhaul. Reports suggested that Netstrata, through its insurance division, levied charges reaching triple the average rate and received undisclosed benefits from service providers and contractors.

The agency, overseeing a portfolio including over a thousand buildings and some 35,000 units, reportedly accumulated upwards of $21 million in brokerage fees since 2015. Amidst this controversy, Stephen Brell, the agency's Managing Director, stepped down from his position as president of the Strata Community Association NSW.

In response to these events, NSW Fair Trading has teamed up with McGrathNicol, an independent consultancy, to scrutinize Netstrata's operations. Their investigation will unfold the intricacies of the firm's business model, meticulously reviewing internal structures, financial dealings, incentives, fees, and external partnerships. This action signals the government's resolve to ensure a credible strata management landscape.

Emphasizing the importance of trust in strata management, State Strata and Property Services Commissioner John Minns articulated the growing preference for strata living among NSW citizens, stressing the necessity for dependable stewardship of their valued assets. "Strata professionals must serve with integrity," Minns stated, echoing the urgency of nurturing consumer confidence. "NSW Fair Trading's determined response is a testament to our dedication to fostering a reliable and responsible strata sector."

While Netstrata defends the integrity of its procedures, the organization acknowledges the public's appetite for greater transparency. According to a statement, Netstrata is committed to exemplary service delivery and is actively conducting an internal review to enhance the clarity of its disclosure practices, promising to exceed current statutory disclosure standards. "Our commitment to transparency is unwavering; we pledge full cooperation with NSW Fair Trading in disclosing our financial operations," affirmed the agency.

Published:Monday, 6th May 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Understanding AustralianSuper's Income Protection Reduction

16 Apr 2026: Paige Estritori

AustralianSuper, one of Australia's largest superannuation funds, has announced a significant change to its default income protection insurance. Effective from 28 February 2026, the fund will reduce the default income protection cover to $1,000 per month. This adjustment aims to align insurance coverage with members' actual income levels and prevent over-insurance, which can erode retirement savings. - read more

CareSuper Enhances Income Protection Benefits for Members

16 Apr 2026: Paige Estritori

CareSuper has announced an enhancement to its income protection insurance offerings. Starting 1 April 2026, members can apply for income protection cover up to 87% of their current income, including up to 12% super contributions. This is an increase from the previous limit of 85% of income, which included up to 10% super contributions. - read more

Surging Insurance Costs Pose Challenges for Australian Retirees

08 Apr 2026: Paige Estritori

Recent reports indicate a significant increase in insurance premiums across Australia, with some policies experiencing hikes of up to 18%. This surge is placing considerable financial pressure on retirees, many of whom are on fixed incomes and find it challenging to accommodate these rising costs. - read more

Australian Insurers Tackle Premium Affordability Challenges in 2026

31 Mar 2026: Paige Estritori

In 2026, Australian insurers are prioritizing premium affordability and insurability as they confront escalating claims costs, climate-related losses, and technology-enabled fraud. According to Gallagher Bassett's 2026 global claims study, these factors are significantly influencing pricing, underwriting, and capital allocation decisions. - read more

Australian Life Insurers Achieve Significant Underwriting Gains in Q4 2025

23 Mar 2026: Paige Estritori

The Australian life insurance sector has reported a substantial underwriting gain of $279 million for the December quarter of 2025, a significant improvement from the $36 million recorded in the same period the previous year. This data, released by the Australian Prudential Regulation Authority (APRA), highlights a notable turnaround in the industry's financial performance. - read more

Click for more Insurance News

Life Insurance Articles

The Essential Role of Income Insurance in Your Financial Plan

An income insurance policy, often referred to as income protection insurance, is a financial safety net designed to provide you with a steady income stream if you're unable to work due to illness or injury. It ensures that you can still support yourself and your family, even when unforeseen medical conditions prevent you from earning a salary. This policy typically covers a percentage of your pre-tax income, helping to alleviate the financial burden during recovery periods. - read more

Why Every Australian Entrepreneur Needs Income Protection Insurance

Entrepreneurship in Australia - a landscape overview: The allure of entrepreneurship in Australia is undeniable, with the promise of innovation, personal autonomy, and potentially limitless earnings. However, the path of an entrepreneur is often unpaved and unpredictable. Without the safety nets traditionally provided by corporate employment, Australian entrepreneurs must proactively safeguard their personal finances against the capricious winds of business fortune. - read more

Preparing for the Unexpected: Why Income Protection is Essential for Financial Security

Life's unpredictability can often bring unforeseen challenges, particularly when it comes to our finances. One day you might be climbing the career ladder, the next you could find yourself unable to work due to illness or injury. This is where income protection insurance steps in, serving as a financial safety net that ensures you can continue to meet your living expenses, even when the unexpected happens. - read more

Understanding Income Protection Insurance: A Comprehensive Guide for Australians

Income protection insurance is an essential component of financial security for Australians, designed to provide a safety net by replacing a portion of your income if you're unable to work due to illness or injury. Despite its critical role in safeguarding livelihoods, it's often overlooked in personal financial planning. - read more

Comparing Income Protection Policies: What Australians Should Look For

Income protection insurance serves as a financial safety net for countless Australians, offering a replacement income when unforeseen circumstances such as illness or injury impede their ability to earn. For the self-employed and entrepreneurs who may not have the safety nets offered by corporate employment, such protection is particularly important. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.