Worksafe Victoria posts $1.4 billion loss
WorkSafe Victoria claims it’s continuing to hit its key targets despite posting a $1.42 billion loss in the second half of last year.
WorkSafe Victoria reported an insurance operating profit of $168 million, and actuarial releases of $7 million. The consolidated funding ratio was 94%.
The scheme claims half-year operational results show it “has once again delivered safe workplaces, low premiums and improved support and care for injured workers”.
WorkSafe Board Chair Elana Rubin says poorly performing investment markets have hit the organisation hard, but “the key fundamentals of our scheme remain sound”.
Successive cuts to interest rates also worked against the organisation, slicing $645 million from the net result.
WorkSafe Victoria reported an insurance operating profit of $168 million, and actuarial releases of $7 million. The consolidated funding ratio was 94%.
The scheme claims half-year operational results show it “has once again delivered safe workplaces, low premiums and improved support and care for injured workers”.
WorkSafe Board Chair Elana Rubin says poorly performing investment markets have hit the organisation hard, but “the key fundamentals of our scheme remain sound”.
Successive cuts to interest rates also worked against the organisation, slicing $645 million from the net result.