Queensland's Incremental Approach to Workers' Comp Premiums
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.
Queensland has announced a 4% increase in workers’ compensation premiums for the upcoming financial year.
Despite this rise, the state assures businesses that they will still enjoy some of the most competitive rates in Australia.
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 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
In a recent legal development, the Federal Court of Australia dismissed an appeal by Bradley Henschke, a logging truck driver, concerning his insurance claim against the Australian Retirement Trust. The court's decision, delivered on February 12, 2026, underscores the critical importance of active insurance coverage for workers in high-risk occupations. - read more
As the Australian summer holidays approach, insurers and transport specialists are raising alarms about increased road risks due to the convergence of peak freight activity and heightened passenger vehicle travel. This period traditionally sees a surge in both freight movements and family road trips, leading to congested roads and a higher potential for accidents. - read more
Australian vehicle data provider InfoAgent has unveiled two innovative services designed to deliver accurate and detailed information for heavy commercial trucks and trailers. These services aim to address critical challenges in industries such as insurance, roadside assistance, fleet management, and logistics by simplifying processes and enabling better decision-making. - read more
In recent times, Australian consumers have been grappling with substantial increases in insurance premiums, prompting widespread concern and scrutiny. Reports indicate that some policyholders have experienced premium hikes ranging from 30% to 50%, with certain cases witnessing even more significant surges. This trend has raised questions about the affordability and transparency of insurance pricing in the country. - read more
Australian businesses are currently grappling with a complex landscape of escalating insurance risks, driven by factors such as increased litigation, rapid technological advancements, supply chain disruptions, catastrophic events, and geopolitical tensions. These challenges necessitate a proactive approach to risk management and insurance coverage. - read more
Welcome to our essential guide for protecting your property as wild weather sets its sights on Australia. Catastrophic storms and extreme conditions don't have to spell disaster for your home. Understanding the sheer force of Mother Nature reinforces the importance of consistent preparedness. In this article, we'll arm you with the knowledge you need to stand resilient against the elements. - read more
Household insurance is an essential aspect of financial planning for Australian families. It provides peace of mind and financial protection in case of unexpected events such as natural disasters, theft, or accidents. Given the unpredictable nature of life, having the right insurance policy can safeguard your home and its contents, ensuring that you are not left in a financial bind when disaster strikes. - read more
Renovating your home can be an exciting time, but it can also be a stressful one. There are so many things to consider and plan for, including financing the renovations, choosing the right contractor, and selecting the materials to be used. One aspect that often gets overlooked during planning is the impact that renovations can have on your insurance coverage. - read more
As Australians, our homes are often at the heart of our livelihoods and hold significant emotional and financial value. Protecting this important asset is more than just a precaution; it's a necessary step in safeguarding our future. Home insurance acts as a shield against unpredictable events that can have devastating effects on our property and peace of mind. Whether it's from natural disasters or unforeseen accidents, the significance of home insurance cannot be understated. - read more
For many Australians, their home is their castle, their sanctuary, and most significantly, their largest investment. Safeguarding this asset against unpredictable events is not merely a consideration—it's a necessity. That's where Total Replacement Cover comes into play. But what does this term really mean, and why is it paramount when it comes to choosing a home insurance policy? - read more
Knowledgebase
Insurance Policy Excess: The amount you will have to contribute when you make a claim.