The Victorian WorkCover Authority has recorded a second successive operating profit of $149 million for the six months ending December 31 2001, meaning the scheme is on target to be fully funded by June 2004. 

CEO Bill Mountford said this is the first time in seven years that the scheme has recorded consecutive half-yearly profits. “It comes on the back of a $390 million operating profit for the six months ending June 30, 2001,” he said.

Actuaries estimated unfunded liabilities at around $533 million – down from $1074 million at December 31 last year – showing a $541 million reduction in unfunded liabilities over the last 12 months. This boosts the scheme’s funding ratio from 81% in December 2000 to 90%.