Premium rates for 2011-2012 media release
14 Jun 2011
WorkCover Queensland has finalised the 2011–2012 industry rates for workers’ compensation premiums.
WorkCover Queensland Chairman Ian Brusasco said the new industry rates had resulted in an average premium rate of $1.42 for every $100 of wages.
'It is important for Queensland workers and employers, that WorkCover has a stable and financially viable fund. The premium rates for 2011–2012 help maintain that stability’, Mr Brusasco said.
'Based on detailed actuarial advice which takes into account claims experience, the WorkCover Queensland Board has set premium rates for 2011–2012 that result in an average rate of $1.42.
'This means Queensland will have the second lowest average premium of any state in Australia.
'We have a solvency rate above 100 per cent, which means our assets exceed our liabilities and the new premium rate will help us maintain our solvency and the viability of the fund.
'The average premium rate remains well below the rate of $1.55 in 2004 and $2.145 in 1998.
'It is also well below the rate for employers in South Australia, which has an average premium of $2.75 for $100 of wages. It is also below New South Wales, which has a rate of $1.66 (most current published rate), and Western Australia, which is increasing its premium to $1.547. This enables Queensland employers to remain competitive.
'Unfortunately, Queensland workers are injured or killed in the workplace and we need to have a stable and secure compensation scheme in place.
'Queensland's scheme provides some of the best benefits in the country to injured workers. It also allows workers to access common law damages where they are able to establish that their employer was negligent.
'This average premium rate means our workers' compensation scheme will continue to provide the necessary support and assistance for injured workers and their families.'
The new rates will take effect from 1 July 2011.
For any media inquiries please contact WorkCover Queensland on 1300 362 128.