Queensland's Incremental Approach to Workers' Comp Premiums

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

According to WorkCover Queensland, the average net premium rate will see an adjustment from $1.29 to $1.343 per $100 of wages after discounts. Acting CEO David Heley emphasized that the rate hikes are carefully considered, especially in light of current cost-of-living challenges.

“Balancing the needs of our customers, both workers and employers, while safeguarding the long-term viability of the Queensland scheme is crucial,” Heley said. “These small, incremental changes help ensure that businesses do not face sudden and dramatic increases in their WorkCover premiums.”

Over the past decade, the government-owned and self-funded scheme has utilized over $2.5 billion from investment reserves to subsidize premiums. Mr. Heley mentioned that such financial management is pivotal in keeping the scheme robust and reliable.

Employers' premiums are influenced by multiple factors, such as their wages, claims performance, and industry standards. This tailored approach means that businesses with good safety records can benefit from lower premiums.

Last year, WorkCover Queensland supported employers through over 68,000 accepted statutory claims and 3,200 common law claims. The organization reported a concerning 28% rise in mental injury claims and a 9% increase in time-lost benefits compared to the previous year. These trends are not limited to Queensland; they are reflective of national issues affecting workers’ compensation schemes.

For instance, in New South Wales, icare recently revealed a more significant average premium increase of 8%. Such rising costs across various jurisdictions demonstrate the universal challenges facing workers' compensation schemes in light of increasing claims and associated expenses.

This adaptive and measured approach to rate adjustments showcases Queensland's commitment to both economic prudence and the welfare of its workforce. By carefully managing premium rates, WorkCover Queensland aims to maintain a sustainable and beneficial scheme for all stakeholders involved.

Thus, while premiums will see a modest increase, businesses can remain optimistic about the competitive and supportive structure of Queensland’s workers’ compensation framework.

Published:Wednesday, 5th Jun 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

Why Digital Incident Reporting Matters for Truck Fleets

22 Jun 2026: Paige Estritori

A recent Fleet Auto News report has put a timely spotlight on one of the least glamorous but most important parts of fleet management: incident reporting. Many transport businesses still rely on paper forms, email trails and spreadsheets to record vehicle damage, accidents and minor incidents. Those methods may feel familiar, but they can leave operators with delayed reports, incomplete details and data that is difficult to use when a claim, audit or premium review arrives. - read more

General Insurance Code Review Could Change the Claims Experience for Tradies

22 Jun 2026: Paige Estritori

Australia’s general insurance sector is edging closer to a major update to the rules that shape how insurers deal with customers, including small business owners and self-employed tradespeople. Financial Services Minister Daniel Mulino has signalled he wants meaningful progress on the review of the General Insurance Code of Practice, with the industry preparing a redrafted version for consultation. - read more

AI Risk Is Creating New Questions for Professional Cover

22 Jun 2026: Paige Estritori

A fresh warning from Australian medical indemnity underwriter Tego has highlighted a risk that many businesses are only beginning to confront: artificial intelligence may not fit neatly inside existing insurance categories. As AI tools become embedded in diagnosis, administration, client advice, document drafting, fraud detection and customer service, the question is no longer simply whether a mistake occurred. It is also who made the decision, who controlled the system and which policy should respond. - read more

Victoria’s Strata Commission Debate Puts Transparency Back in Focus

22 Jun 2026: Paige Estritori

Victoria’s owners corporation reform process has put strata insurance commissions back under the microscope, after the state government opted to further examine an expert panel recommendation to ban certain financial benefits paid to owners corporation managers and related entities. - read more

New Insurance Code Push Could Lift Standards for SMEs

22 Jun 2026: Paige Estritori

Australia?s general insurance sector appears to be moving closer to a major reset of its customer standards, with Financial Services Minister Daniel Mulino indicating he wants meaningful progress on the long-running review of the General Insurance Code of Practice. The industry review began in November 2023, produced more than 100 recommendations, and is expected to lead to a redrafted code that is both ASIC-approved and contractually enforceable. - read more

Click for more Insurance News