Skip to content
2 February 2015
The Victorian Government has cut workers’ compensation premiums in the 2012/13 financial year, but will take funds from the Victorian WorkCover Authority by way of a dividend this financial year.
Treasurer Kim Wells announced in the state budget announcement last week that WorkCover premiums will fall by 3% from July 1.
“This will generate savings for Victorian businesses and entrench our competitive position as the state with the lowest workers’ compensation premiums in Australia, in addition to an outstanding workplace safety record,” he said.
Mr Wells has previously said the state will take a $471.1 million WorkCover dividend over the next four years. The state budget, released last Tuesday, revealed the dividend will contribute to a $500 million-plus increase in dividends to the Government.
The budget papers do not disclose what the dividend will be this financial year or in 2012/13. A Department of Treasury and Finance spokesman told insuranceNEWS.com.au the Treasurer will determine the dividend each year after consulting WorkCover.
Applying a dividend to WorkCover means that in this financial year, the Government’s total dividend revenue is forecast to rise to $767 million, from $243 million in 2010/11.
The budget papers say this is mostly due to WorkCover paying a dividend as well as profitability within the water sector.
They show the Victorian WorkCover Authority is budgeted to record a $157 million net surplus in 2012/13.
Victoria’s average workers’ compensation premium this year is 1.338% of wages, compared with 1.68% in NSW and 1.42% in Queensland.
30 January 2015
In this newly created Brisbane-based role, you will provide technical leadership to the underwriting team in Queensland to ensure team targets are achieved and profits optimised by utilising your highly developed analytical skills.
22 January 2015
Use your motor claims knowledge and experience to make an immediate impact in this critical role with Australia's number 1 truck insurer.
22 January 2015
A high-profile insurance role located in Sydney for a suitably qualified General Manager.
15 January 2015
Well-established and respected general insurance practice is currently looking for a Broker Assistant to join our successful, growing team.
9 January 2015
Exceptional opportunity for an experienced legal expert to join the team at Ace Insurance as our General Counsel. Great Sydney CBD location.
5 January 2015
Authorised Representative | Commercial Team | Parramatta or CBD Sydney | $120k + super (guaranteed in your first year)