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    Coat of ArmsMedia Release
    Minister for Education and Minister for Industrial Relations
    The Honourable Grace Grace

    Savings for Queensland businesses through WorkCover’s premium discounts

    Minister for Education and Minister for Industrial Relations
    The Honourable Grace Grace

    Sunday, June 10, 2018

    Savings for Queensland businesses through WorkCover’s premium discounts

    Queensland businesses have saved more than $61 million in premium discounts with WorkCover Queensland, with these savings set to continue in the 2018-19 financial year.

    Small-to-medium size businesses employing apprentices have collectively saved more than $15 million in the past year on their premiums, through WorkCover’s discount for employing apprentices.

    Industrial Relations Minister Grace Grace said the introduction of this discount by WorkCover in 1 July 2017 has resulted in businesses which employ apprentices saving between 10 and 20 per cent off their premiums.

    “WorkCover introduced these premium discounts last year and it’s great to see businesses reaping the benefits,” Ms Grace said.

    “WorkCover also continues to offer employers who pay their annual premium before 16 September extra incentives to meet the deadline.

    “With the early payment discount increasing from 3 per cent to 5 per cent, this has resulted in savings of $46 million for businesses in the 2017-18 financial year.

    “For small businesses with between five and 20 workers, this early payment discount could mean more than $1,000 saved each year.”

    Minister Grace said WorkCover Queensland continued to be Australia’s leading scheme, again delivering the lowest premiums in the country.

    “Not only has WorkCover introduced and is continuing these new incentives for businesses, it continues to deliver the lowest premiums in the country,” she said.

    “Combined with a stable financial position and positive investment yields, these factors have helped WorkCover to retain the lowest average premium rate in the country.

    “For the fifth year in a row, WorkCover’s average premium rate is being maintained at $1.20 per $100 in wages paid for the financial year commencing 1 July 2018 – down from a peak of $1.45 in 2013-14.

    “This is good news for more than 159,000 Queensland employers and it makes WorkCover Queensland the best workers’ compensation provider in Australia.”

    For more information visit https://www.worksafe.qld.gov.au

    Media enquiries: Emma Clarey - 0439 578 472