The continued growth in workplace mental injuries is putting significant pressure on the community, workplaces and Victoria’s workers’ compensation scheme, according to WorkSafe Victoria.
Releasing WorkSafe’s half-year results, Chief Executive of WorkSafe, Colin Radford said despite a larger than expected increase in the number of claims and treatment costs, the Agency remained well placed to prevent workplace harm and help injured workers recover.
Workplace safety is something that touches every single Victorian,” Mr Radford said.
“As a community, we simply must do better at preventing workplace injuries and harm, both physical and psychological,” he said.
“We also need to improve outcomes for those who have been injured – supporting them to return to health and return to safe work – including those with mental injuries who often require more complex services and treatment for longer.”
Mr Radford said WorkSafe recorded a net loss after tax of $378 million in the six months to December.
The Chief Executive said the rising cost of supporting injured workers and a $482 million increase in WorkSafe’s projected claims costs, contributed to a Performance from Insurance Operations (PFIO) of negative $1.076 billion.
He said this was partly offset by favourable investment returns of 4.5 per cent, despite continued volatility in financial and currency markets.
“WorkSafe’s insurance funding ratio is at 115 per cent, within the preferred funding range of 100-140 per cent,” Mr Radford said.
