WA workers’ compensation premiums are set to increase 3.7% on average next financial year.

WorkCover WA Acting CEO Chris White says the average recommended premium will be 1.645% of total wages, up from 1.585% in the current year.

“Western Australian average recommended premium rates are low by national standards,” he said.

“This small increase continues to ensure the workers’ compensation scheme is fully funded.”

The rates are based on advice from scheme actuary PricewaterhouseCoopers and take into account data from insurers and economic factors such as moves in interest rates and wages.

This is the second year of basing the rates on the 2006 Australian and New Zealand Industrial Classifications, instead of the 1993 version, with the change affecting some industry classes but not the overall average.