Truck Loans Australia :: News

Share this news item!

Navigating the End of Cheque Usage in Australian Insurance Payments

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.

As Australia marches towards the cessation of cheque payments, the Insurance Council of Australia (ICA), in partnership with the National Insurance Brokers Association, is addressing key considerations for a seamless transition, focusing on client interaction and data safeguards.

ICA's chief, Andrew Hall, has emphasized these focal points amidst the government's push to eliminate cheques by 2030.

Proactive measures are underway within insurance circles to usher retail consumers into alternative payment methodologies. Commenting on the evolving landscape, Mr. Hall noted disparities in adaptation timelines among insurers, with 2024 serving as a potential operative target. This adaptation is in anticipation of banks phasing out cheque services starting this year.

The Treasury has expressed cognizance of cheque-based proclivities in insurance practices, a challenge compounded by brokers' exclusive custody of clients' banking details and the necessity of cheques for customer reimbursements.

Confronted with the ceasing of cheque utilities, insurance vendors are considering limited claims settlements to methods like gift cards or digital transfers. Yet, compliance with anti-money laundering laws constrains gift card usage, sparking demands for added settlement versatility during the migratory term, as advised by the ICA.

Challenges germinate in processing particular payments for claims, policy cancellations, and delivering prompt aid to financially-strapped policyholders, a sentiment vocalized by Mr. Hall. Detailed are the conundrums in locating previous customers for rectification payouts, correspondingly more intricate than contact issues in current claims or policy annulments.

Expedited claims handling faces additional pressure where legal procedures like subpoenas and freedom of information requests rely on cheques. The initial phase-out stages could impede crucial information retrieval for claims processing, even in the wake of potential government concessions.

Furthermore, entities such as health care institutions, which predominantly opt for cheque-based payments for workers' compensation claims, necessitate governments to refine public sector cheque practices. Collaborative government synergy is encouraged to cushion this paradigm shift in transaction means.

The ICA forecasts escalated inquiries related to insurance and anticipates a rise in unclaimed funds, indicative of a pivotal need for industry-government harmony in ushering a fluid progression from cheque-based transactions to digital alternatives.

Published:Thursday, 8th Feb 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Australian Home Prices Poised for Continued Growth in 2026

18 Jan 2026: Paige Estritori

Australia's housing market is set to experience further growth in 2026, with economists forecasting a 5% increase in home prices. This follows an 8.6% rise in 2025, marking the strongest annual growth since 2021. The anticipated growth is driven by a combination of factors, including ongoing supply constraints and robust population growth. - read more

Sydney and Melbourne Property Markets Show Signs of Cooling

18 Jan 2026: Paige Estritori

In December 2025, both Sydney and Melbourne property markets experienced a slight decline of 0.1%, marking a potential shift in the momentum of Australia's housing market. This downturn comes after a period of consistent growth, raising questions about the sustainability of recent price increases. - read more

Australian Rental Market Faces Tightening Conditions

18 Jan 2026: Paige Estritori

Australia's rental market is experiencing tightening conditions, with vacancy rates dropping to 1.6% in December 2025, close to record lows. This tightening has led to a 5.2% increase in rents over the year, posing significant challenges for tenants across the country. - read more

NAB Enhances Digital Services with Google Cloud Integration

17 Jan 2026: Paige Estritori

National Australia Bank (NAB) has taken a significant step in its digital transformation journey by integrating Google Cloud into its existing multi-cloud strategy. This move aims to bolster the bank's digital services and enhance operational efficiency, reflecting a broader trend among financial institutions to leverage cloud technologies for improved service delivery. - read more

MFAA Publishes Guides to Enhance Mortgage Broking Practices

17 Jan 2026: Paige Estritori

The Mortgage & Finance Association of Australia (MFAA) has released the final two guides in its Business Growth Roundtable Series Insights, aimed at assisting mortgage brokers in developing sustainable and professional businesses. These resources are part of the MFAA's ongoing commitment to supporting the growth and professionalism of the mortgage broking industry. - read more

Click for more Finance News

Truck Loans Articles

Essential Checklist for Commercial Vehicle Loan Approval

In the journey to secure a commercial vehicle loan, preparation is key. Just as a vehicle needs to be in perfect condition to hit the road, your loan application requires meticulous attention to detail to ensure a green light from lenders. This article embarks on the essential journey of understanding the critical checkpoints before applying for a commercial vehicle loan. We navigate through the path of prerequisites that pave the way for a seamless approval process. - read more

How to maintain your truck to extend its lifespan in Australian conditions

Maintaining your truck is essential if you want to prolong its lifespan and save money down the road. Australian conditions can put a lot of strain on your vehicle, and neglecting its maintenance can lead to costly breakdowns and repairs. - read more

How to Choose the Right Lender for Your Commercial Truck Loan

For many Australian businesses, purchasing a commercial vehicle is a significant investment that often requires financial assistance. Understanding the intricacies of truck financing is crucial, as the right loan can affect your company's bottom line and operational efficiency. With a plethora of lenders offering myriad loan products, choosing the most advantageous deal can be daunting. - read more

The Ins and Outs of Commercial Truck Loans: A Buyer's Guide in Australia

Commercial trucks serve as the lifeblood of the Australian economy, providing vital links between industries and markets across the vast landscapes. The importance of these heavy-duty vehicles cannot be overstated, as they are pivotal in ensuring the smooth operation of both urban and rural businesses alike. Engaging in the commercial truck market is a significant investment, and understanding the ins and outs of financing such a purchase is crucial for business success. - read more

Understanding Your Options: A Guide to Commercial Vehicle Loans in Australia

If you're running a business in Australia, choosing the right commercial vehicle loan can be pivotal to your success. Whether you're a small business owner needing a delivery van or a large company expanding your fleet, understanding your financing options is crucial. - read more

Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!

Knowledgebase

Equity Release:
A way for homeowners to release cash from the value of their home, either as a lump sum or in installments, while still living in the property.