WorkCover Queensland’s average net premium rate is to move from $1.23 to $1.29 per $100 of wages, after discounts, in the next financial year.
This is only the second time in more than a decade that the premium rate has increased.
Chief Executive of WorkCover Queensland, Bruce Watson said the Agency still offered one of the lowest average premium rates in Australia.
‘This modest premium rate rise is necessary to secure Queensland’s workers’ compensation safety net for the future,” Mr Watson (pictured) said.
“WorkCover Queensland offers exceptional value for money to our policyholders. As a Government-owned, self-funded workers’ compensation scheme, we’re one of the most financially sustainable funds in the country.”
He said that in the 2021-22 financial year the Agency supported employers through more than 63,000 statutory claims and almost 3,000 common law claims.
However, the profile of the injuries covered was changing.
“Mental injury and complex injury claim numbers are rising, which is costing us more and creating pressure on our scheme, mirroring the trends we’re seeing across Australia,” Mr Watson said.
“This year’s premium rate rise was a careful decision, and one not taken lightly given current cost-of-living pressures, but necessary to protect the scheme’s viability.”
An individual employer’s premium rate is dependent on their wages, their claims performance and that of their industry. The 2023-24 WorkCover Industry Classifications will be gazetted later in June.
Mr Watson said the key way an employer could influence their individual premium was by creating a safer workplace and reducing injuries at work.
More than 50 per cent of our policy-holders will see a reduced premium rate this year, due to proactiveness with safety and supporting injured workers to get back to work safely,” he said.
