WorkCover NSW’s premium rate will remain at 1.47% of wages in the year from June 30, after dropping from 1.55% last December.

State Finance and Services Minister Dominic Perrottet says reforms in 2012 produced the lower workers’ compensation premium.

“In the 2013 premium cycle, rate reductions averaging 12.5% for NSW employers returned $330 million to help grow the state’s economy,” he said.

WorkCover NSW has an updated surplus of $1.36 billion, driven by investment returns of $690 million.

Last month Mr Perrottet announced that the NSW Office of Finance and Services has commissioned an independent review of the 2012 reforms, to be undertaken by the Centre for International Economics.

“With the workers’ compensation scheme now recording a surplus, statutory requirements require a review of the amendments to be conducted,” he said.

The review will consider whether the reforms’ intentions remain valid and if terms of the legislation are appropriate.

Queensland will have the lowest workers’ compensation premium rate in the country next financial year, when it drops from $1.45 to $1.20 per $100 of wages.

Premium rates in other states are: 1.29% in Victoria; 1.66% in WA (falling to 1.55% in the new financial year); and 2.75% in SA.