Truck Loans Australia

Australia`s leading independent online truck loan resource.

Truck Loans Australia :: News

SHARE

Share this news item!

Navigating the End of Cheque Usage in Australian Insurance Payments

Navigating the End of Cheque Usage in Australian Insurance Payments

Navigating the End of Cheque Usage in Australian Insurance Payments?w=400

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

Commonwealth Bank Highlights Risks of Surging Home Loan Demand

Commonwealth Bank Highlights Risks of Surging Home Loan Demand

22 Nov 2025: Paige Estritori

The Commonwealth Bank of Australia (CBA), the nation's largest lender, has expressed concerns over the current surge in home loan demand, suggesting it may be contributing to escalating property prices and posing risks to long-term financial stability. CEO Matt Comyn addressed these issues during a recent parliamentary hearing, emphasizing the need for more sustainable credit growth in the housing sector. - read more

Australian Consumer Confidence Rebounds to Optimism After Nearly Four Years

Australian Consumer Confidence Rebounds to Optimism After Nearly Four Years

22 Nov 2025: Paige Estritori

In a notable shift, Australian consumer sentiment has turned optimistic in November 2025, marking the first positive outlook since early 2022. The Westpac-Melbourne Institute survey revealed a 12.8% surge in the consumer sentiment index, reaching 103.8. This level, excluding the pandemic period, represents a seven-year high and indicates that optimists now outnumber pessimists among Australian consumers. - read more

Cyclone Fina Brings Severe Weather to Northern Territory's Top End

Cyclone Fina Brings Severe Weather to Northern Territory's Top End

22 Nov 2025: Paige Estritori

In November 2025, Tropical Cyclone Fina developed in the Arafura Sea, intensifying as it approached Australia's Northern Territory. The cyclone brought destructive winds and heavy rainfall to the Tiwi Islands and the Greater Darwin region, leading to widespread disruptions. - read more

MotorCycle Holdings Achieves Record Revenue in FY2025

MotorCycle Holdings Achieves Record Revenue in FY2025

22 Nov 2025: Paige Estritori

MotorCycle Holdings Limited (ASX: MTO), Australia's largest motorcycle retailer, has announced a record sales revenue of $650 million for the financial year 2025, marking an 11.6% increase from the previous year. This achievement comes despite a general softening in the national motorcycle market. - read more

KTM Secures Major Funding to Finalize Restructuring Plan

KTM Secures Major Funding to Finalize Restructuring Plan

22 Nov 2025: Paige Estritori

Austrian motorcycle manufacturer KTM AG has successfully secured €600 million in funding, enabling the company to fulfill its debt obligations and complete its restructuring plan. This development is particularly significant for Australian riders and dealers who rely on KTM's presence in the market. - read more

Click for more Finance News

Truck Loans Articles

How to Get a Truck Loan with Less-Than-Perfect Credit

How to Get a Truck Loan with Less-Than-Perfect Credit

Securing finance for any significant purchase can be a challenge, especially when it comes to acquiring a truck for business purposes. Coupled with a less-than-perfect credit score, this task can seem daunting for many Australians. The ripple effects of financial constraints can impede business operations, affecting the lifeline of commercial ventures that rely on transportation. - read more

5 Tips on Securing Low-Interest Rates for Your Vehicle Purchase

5 Tips on Securing Low-Interest Rates for Your Vehicle Purchase

Embarking on the journey of acquiring a commercial vehicle is a significant decision for any business. Securing a loan with a low-interest rate is not just a matter of luck; it involves meticulous planning and a thorough understanding of the lending landscape. This opening section sets the scene for our deep dive into navigating the commercial vehicle loan process with an eye toward minimizing costs and maximizing value. - read more

Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia

Maximizing Your Investment: Strategies for Enhancing Truck Resale Value in Australia

The commercial vehicle market in Australia is a cornerstone of the transportation and logistics industries, with trucks playing an indispensable role. Whether for long-haul deliveries across the vast distances of the continent or for urban distribution, trucks are critical assets for businesses and entrepreneurs alike. This significance makes it essential for commercial vehicle buyers to understand the dynamics of truck resale values in Australia. - read more

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

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

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

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

Start Here

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

Knowledgebase

Underwater Mortgage:
A mortgage in which the balance owed on the loan is greater than the value of the property securing the loan.

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.

powered by Financial Services Online | © Copyright Clark Family Pty Ltd - all rights reserved

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. 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 always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.