Queensland workers’ compensation scheme WorkCover leading the nation

Queensland’s workers’ compensation scheme continues to deliver nation-leading coverage to workers at the lowest possible cost to business, according to the WorkCover Queensland Annual Report 2016-2017.

Industrial Relations Minister Grace Grace said WorkCover continued to deliver solid financial and operational results during this period.

“WorkCover Queensland is Australia’s best workers’ compensation scheme, delivering the best possible return to work outcomes for over 66,000 injured workers at the lowest cost for more than 159,000 Queensland employers,” she said.

“WorkCover has maintained the lowest average premium rate in Australia of $1.20 per $100 of wages for the third consecutive year, which is great news for businesses operating in Queensland.

“With $4.4 billion in funds under management, WorkCover continues to be fully funded and will maintain a strong financial position.

“This is a direct result of its disciplined financial management, prudent investment approach and cost control focus."

Key performance indicators highlighted in the 20162017 Annual Report include:

• Achieving a 92.5% return to work rate for injured workers
• Over 133,000 employers renewed their workers’ compensation policies online
• Implementation of legislative reforms in relation to Coal Workers’ Pneumoconiosis and the National Injury Insurance Scheme for workplace injuries.

Ms Grace said WorkCover Queensland’s premium and benefits package is delivering annual cost savings to Queensland businesses of up to $58.7 million.

“Businesses won’t pay a cent in WorkCover premiums on the apprentices they hire,” she said

“This measure has the potential to save employers with between five and 20 workers up to $5,800 a year.

“Queensland employers will also continue to benefit from the lowest average premium rates in the country at $1.20. 

“The WorkCover benefits package will also increase the early payment discount available to employers from 3 per cent to 5 per cent.

“This means an employer who pays the average premium rate of $1.20 and who takes advantage of the early payment discount would pay the equivalent of $1.14 per $100 of wages.

“For small businesses with between five and 20 workers, this discount could deliver cost savings of more than $1,000 a year.

To view the WorkCover Queensland Annual Report 2016-17, visit https://www.worksafe.qld.gov.au/

Media contact: Martin Philip 0427 919 548