WorkCover Queensland continues to support Queensland workers and employers through workplace injuries while offering some of the best value for money for a workers' compensation insurance scheme in Australia.
In 2023-24, WorkCover Queensland's average net premium rate will move to $1.29 per $100 of wages after discounts, from $1.23 in the 2022-23 financial year. This is only the second time in over a decade that the premium rate will increase.
Despite the modest increase, WorkCover Queensland still offers one of the lowest average premium rates in Australia and some of the best return-to-work rates for a workers' compensation scheme in the country, supporting nine in 10 Queenslanders to get back to work after a work-related injury.
WorkCover Queensland CEO Bruce Watson said this modest premium rate rise is necessary to secure Queensland's workers' compensation safety net for the future.
"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.
"Our disciplined financial management has enabled us to weather the external market pressures of the last few years.
"In the 2021-22 financial year, we supported Queensland employers through over 63,000 statutory claims and almost 3,000 common law claims. However, the profile of the injuries we cover is 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.
"WorkCover will continue delivering the same value and services to businesses, while balancing the interests and needs of Queenslanders who are injured at work, their families, and health providers."
An individual employer's premium rate is dependent on their wages, their claims performance and that of their industry. The 2023-2024 WorkCover Industry Classifications will be gazetted later in June.
"The key way an employer can influence their individual premium is by creating a safer workplace and reducing injuries at work. More than 50 per cent of our policyholders will see a reduced premium rate this year, due to proactiveness with safety and supporting injured workers to get back to work safely."
WorkCover Queensland will continue to support employers with free tailored safety advice through the enhanced Injury Prevention and Management program delivered with the Office of Industrial Relations and providing our industry-based Injury Risk Reduction Initiatives to more employers.
Employers can influence their individual premium rate by:
- Better understanding how their premium is calculated.
- Declaring wages and paying premium on-time and taking advantage of our early payment discount.
- Creating safer workplaces and reducing injuries. The lower the claims costs, the lower the premium.
- Supporting workers who are injured at work to get back sooner by offering suitable duties. Speak to us about how we can assist with this.
