It's great news for Recreational Aviation, although $250k isn't enough, but it's a good start. The bonus is that if you own a $5,000 el-cheapo 2 seater aircraft you effectively don't need to insure it which is helping to keep costs down (one of the charters of RA-Aus). The best part is that for a yearly membership fee of $165 you get this insurance for nothing and it goes with you no matter whose aircraft you are flying under RA-Aus as long as it's registered.
What do I get for the dollars I shell out for my CASA ASIC and Medical - NOTHING!