Managing Director and Group CEO David Carter said this past year, ongoing high inflation continued to impact everyday expenses.

“Cost-of-living pressures are causing ongoing challenges for many of our members, as well as our own business as the cost of materials and services increase,” he said.

“We have worked to balance our support to members while ensuring the Club is sustainable. Our FY24 results reflect the positive contributions provided by Insurance, Bank and Assistance, as well as a strong focus on cost discipline across the Group.

“Despite this difficult environment, RACQ made strong progress across our business and advocacy efforts, continuing to support our members and communities,” he said.

“To help make day-to-day life more affordable for members, RACQ’s Member Benefits platform expanded throughout the year with the launch of dining discounts, cashback rewards and the car buying service.

“Our benefits, including our new food and dining offers, cashback program, and car buying service, have been accessed by more than 740,000 members and across the entire Member Benefits platform we have helped our members save $19.8m in FY24.

“The result has allowed us to continue our community investments across the State through our RACQ Foundation, community partnerships and grant-giving programs.”

The remediation program stemming from the pricing promises review is substantially complete and as of 30 June 2024, $158.5m had been refunded to eligible members who had not received the full benefit of discounts.

“To reduce errors and remove complexities in our systems, we made improvements to the way our contact centre and retail staff are trained, how we administer our insurance policies and claims and implemented a major systems upgrade,” Mr Carter said.

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

“We completed four Community Assistance Projects, providing crucial support to communities recovering from natural disasters, including the First Nations community of Cherbourg,” he said.

“The expansion of our Community Grants program to include a resilience category and natural disaster preparedness also marks a significant step in our commitment to supporting climate-resilient communities.”

The Club’s commitment to driving positive change through road safety advocacy and education programs remained a priority.

“During the year, we had more than 65,000 participants in our road safety education programs across Queensland, and we launched our Blooms for Blokes campaign, a powerful road safety initiative across the south east, highlighting the number of male deaths over the past five years,” Mr Carter said.

“We will continue to fight for better and safer roads, particularly the Bruce Highway, through our election advocacy efforts with both Federal and State Governments.

“To fulfil our own environmental commitments, RACQ transitioned to 100% renewable electricity for our owned buildings in November 2023.

“We also introduced our first Disability Inclusion Action Plan which will serve as a blueprint for the work we need to do as an organisation to become more equitable and inclusive.”

RACQ’s Annual Report 2023-24 can be viewed here and For the Greater Good Report can be viewed here.