Financial groups in Australia have welcomed a move in the state of Queensland. A Bill to abolish stamp duty on life insurance products has been introduced into the State Parliament in 2008. Richard Gilbert, of the Investment & Financial Services Association (IFSA), said that many state taxes and stamp duties were meant to be phased out after the introduction of the Australian Government's goods and services tax. Gilbert called on all the other states to follow suit, so that Australians have more affordable life insurance.
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