In FY23, RACQ recorded a net surplus after tax of $7.4 million, largely driven by returned profitability in the Club’s Insurance business, a positive contribution from our Assistance business and the Bank recording its third consecutive profit.

Chief Executive Officer David Carter said while the result demonstrates the underlying strength of RACQ’s three business lines, it also recognised the Club’s ongoing commitment to supporting members facing increasing cost of living pressures.

“We recognise the impact rising interest rates and increasing insurance premiums is having on many Queenslanders. Balancing the needs of our members with the importance of running a sustainable business remains at the forefront of our pricing and operational decisions,” Mr Carter said.

“This year to help ease cost of living pressures for our members, we continued to invest in our Member Benefits program to give our members better pricing on everyday items we know are putting the biggest pressure on household budgets.

“This year alone, members saved more than $7 million on fuel through the Caltex and Puma Energy benefit, and more than 5,000 members saved on groceries and other everyday expenses, by pre-purchasing Woolworths Group and Partner eGift Cards.”  

Mr Carter said the profit delivered by the businesses enabled RACQ to provide $9.9 million to communities and charities across the State and make the investments needed to positively transform the business.

“This includes a $16 million provision to for the incremental cost of our multi-year Risk Transformation Program, which will deliver stronger risk management practices leading to improved outcomes for our people and members.

“The result also includes a $29 million increase to the Club’s pricing promise-related provision for additional costs to be incurred, including a small number of new pricing promises matters identified during the year that require remediation.

“Historical complex issues take time to resolve, and we want to thank our members for your ongoing patience and understanding as we work through these matters.”

Mr Carter said the Club’s second Sustainability Report - For the Greater Good highlighted the positive impact RACQ continues to make across Queensland every day, while also acknowledging areas for improvement.

“Thanks to the loyalty and support and our members, more than 3,200 critical care missions were carried out by the RACQ Rescue Helicopter network, 60,700 students participated in our education programs and our team of volunteers helped make at-risk communities stronger in the face of future extreme weather events,” he said.

“We made good progress in reducing our own emissions and are on track to purchase 100% renewable electricity for our owned buildings by 2024. At the same time, our commitment to driving positive change through our advocacy efforts and community work remains as strong as ever.

“From initiatives that promote road safety and sustainable future transport, to programs fostering education, inclusion and preserving the environment, each endeavour embodies RACQ’s dedication to making Queensland a better place for all.

“While we are proud of the progress and achievements, we know there is much more to do to achieve our sustainability commitments and improve outcomes for our business and members, while making it easier for our people.

“Our members can take comfort in knowing we have clear vision for where we need to focus our attention through our sustainability framework and a plan for how we’re going to achieve our targets.”

RACQ’s Annual Report 2022-23 can be viewed here and For the Greater Good Report can be viewed here.