Workers’ compensation premiums in NSW are set to drop by an impressive 10% in June after the NSW Government buckled under pressure to reform occupational health and safety laws that are driving large companies into the Federal Government’s Comcare scheme.

The NSW premium cuts will come into effect from June 30 and businesses will enjoy an average rate of 2.17% compared with the previous rate of 2.44%. $2.6 billion in premiums will be collected this year, down $300 million on the present rate.

Currently, the ACT has the highest premium rates at 3.53%, followed closely by SA. Victoria and Queensland are at the bottom end of the scale with premiums at 1.8% and 1.2% respectively.