RACQ releases FY25 Annual Report
Managing Director and Group CEO David Carter said it had been a transformational year for Queensland’s largest Club, underpinned by strong growth across its business lines and the successful delivery of key strategic initiatives.
“RACQ’s FY25 performance and achievements demonstrate the progress we’ve made in simplifying our organisation, strengthening our foundations and laying the groundwork for the future,” Mr Carter said.
“At the same time, we lived our purpose to drive a positive future for all Queenslanders through our advocacy to improve roads and road safety and provided significant financial and other support to communities hardest hit by natural disasters.
“Our 25-year strategic partnership with IAG marks a new chapter in how we support Queenslanders with their insurance needs. It will strengthen RACQ’s insurance proposition in the market, bringing together two organisations with a deep commitment to supporting accessible insurance.”
During the year RACQ’s insurance, bank and assistance businesses delivered strong financial results which contributed to the overall Group result.
“Our insurance business received 193,521 insurance claims and paid out $988m to our members and suppliers within our communities. We responded to three severe weather events including Tropical Cyclone Alfred – one of Australia’s most significant natural disasters in recent history,” he said.
“RACQ Bank continued to grow in lending and deposits with some of the most competitive rates in market. The Bank was also quick to pass on RBA cash rate reductions in full, recognising the much-needed relief this would provide members struggling with cost of living.
“The Roadside Assistance fleet responded to 736,924 calls across the State. We expanded our core offerings to include new auto services for both internal combustion engine and electric vehicles, and opened new Auto stores in South East Queensland.”
The year also saw the completion of the Pricing Promises remediation program which was established to ensure members who did not receive the full benefit of insurance discounts as part of the pricing promises review were refunded. A total of $167.9m has been refunded to eligible members.
To further ease financial pressures, the Club’s Member Benefits program delivered more than $21m in savings, providing discounts on fuel, groceries and a range of everyday products and services.
Community support
The Club provided more than $6.4m to communities across the State, contributed to building climate resilience and supported safer, inclusive mobility for Queenslanders through its commitment to the ARTIE Academy Driver Licensing program.
To support the transition to a low-carbon future, RACQ now supports 132 public EV charging sites through sponsorships and investments, including the Queensland Electric Super Highway, a new partnership with Evie Networks and our ongoing partial ownership of Chargefox.
Our road safety education programs reached 58,713 students as far west as Mitchell and north to the Torres Strait Islands.
“In the wake of flooding in North Queensland and Tropical Cyclone Alfred, RACQ immediately committed $1million to help Queenslanders hardest hit. This included a special Foundation disaster recovery grant funding round worth $500,000 to help community groups get back on their feet,” Mr Carter said.
“The RACQ Foundation also approved $834,000 in resilience grants and formed seven new resilience partnerships to help communities be better prepared and lessen the impact of future disasters.
“Overall, the Foundation approved more than $1.5m in Community Grants and provided on-the-ground support in Wujal Wujal, Thursday Island, Mitchell, Archerfield Wetlands and Australia Zoo.”
Advocacy
Finally, we championed a range of advocacy initiatives on behalf of our members, including:
- Successfully partnering with other leading Queensland organisations to lobby the Federal and State Governments for $9b in funding to improve the Bruce Highway
- Continuing to be a voice on road safety through our campaigns urging tougher laws to curb dangerous driver behaviour
- Calling for government action to address Queensland’s failing fuel market, with the State Government committing to investigate the issue
RACQ’s Annual Report 2024-25 can be found here.
You can read more about the positive impact we make across Queensland here.
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Things to note
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance Products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQI) and arranged by its agent, RACQ Distribution Services Pty Ltd (RDS) ABN 35 116 361 650, AFSL 567130 and RDS' authorised representatives (including RACQ Operations Pty Ltd ABN 80 009 663 414, AR No. 234978 (RACQO). Conditions, limits and exclusions apply. RDS and RACQO are in the RACQ group of companies. One of the companies in the RACQ group of companies has a minority shareholding in RACQI.
RDS and RACQO have not taken your personal objectives, circumstances or needs into account when preparing advice regarding insurance products and you will need to consider whether the advice is appropriate for you. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website. RDS receives a commission from RACQI for the policies it arranges. RACQO receives fees paid for services it provides to RDS. Further details about remuneration are available on request prior to purchasing.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Bank subscribes to the Customer Owned Banking Code of Practice which establishes higher standards than the law requires. The Code reflects modern consumer expectations and developments in approaches to issues such as consumer vulnerability, guarantors, and supporting customers through financial hardship. Please read our Customer Owned Banking Code of Practice page for more information.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.