Australia and New Zealand Banking Group (ANZ) has been approved as a self-insurer in the Commonwealth workers’ compensation scheme Comcare.

The Safety, Rehabilitation and Compensation Commission (SRCC) granted the licence last month, allowing the bank to start self-insuring from June 1 until June 30 2029.

Aon Workplace Risk Director Gary McMullen, who advised the bank on the Comcare project, says the licence means all employees of ANZ will now receive the same compensation benefits for the same injury irrespective of where they live.

“The decision from the SRCC removes the unfairness and inequality that currently exists across the national workers’ compensation landscape for large national employers,” he said.

The SRCC website says self-insurance provides a streamlined approach to the management of workers’ compensation by allowing the company to operate under one piece of national legislation rather than multiple ones under each state jurisdiction.