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

APRA Intervenes to Freeze Unjustified Premium Increases in Commercial Auto Insurance

09 Jun 2026: Paige Estritori

In March 2026, the Australian Prudential Regulation Authority (APRA) took decisive action to address significant premium hikes in the commercial auto insurance sector. Responding to widespread industry concerns, APRA issued emergency regulations to freeze unjustified baseline premium increases exceeding 25%, pending external review. This intervention aims to protect independent transport operators and logistics enterprises from immediate financial strain. - read more

Emergence Insurance Strengthens Cyber Risk Portfolio with Blue Zebra Acquisition

09 Jun 2026: Paige Estritori

Emergence Insurance has announced the acquisition of Blue Zebra's cyber insurance portfolio, marking a significant expansion of its cyber risk offerings in the Australian market. This move is set to bolster Emergence's capabilities in providing comprehensive cyber insurance solutions to businesses across the country. - read more

State Government Initiates Bushfire Mitigation Trials in Urban Fringe Areas

09 Jun 2026: Paige Estritori

In response to the increasing threat of bushfires in urban fringe areas, a state government has commenced trials of new mitigation measures designed to enhance community safety. These initiatives aim to reduce the risk and impact of bushfires on residential communities situated near bushland. - read more

Key Challenges Facing Australian Insurers in 2026

08 Jun 2026: Paige Estritori

As 2026 unfolds, Australian insurers are grappling with three immediate pressures: rising premium costs and shrinking insurability, ongoing cyber and data risks, and increasing difficulty in hiring and retaining skilled workers. According to industry feedback cited in Gallagher Bassett’s upcoming 'The Carrier Perspective: 2026 Claims Insights' report, premium affordability and insurability have become the leading concerns for insurers, linked to rising inflation, increasing climate-related losses, and regulatory pressures. - read more

QLS Announces 15% Reduction in Professional Indemnity Insurance Levies for 2026/27

08 Jun 2026: Paige Estritori

The Queensland Law Society (QLS) has recently approved a substantial 15% reduction in professional indemnity (PI) insurance levies for the 2026/27 period. This decision is set to provide significant financial relief to legal practitioners throughout Queensland. - read more

Click for more Insurance News