Industry rates and key dates

Premiums Order 2023–24

The methods for calculating employer WorkCover premiums for the 2023–24 year are set out in the Workplace Injury Rehabilitation and Compensation Act 2013 Premiums Order (No. 31) which is published in the Victoria Government Gazette Periodical No. P1 Tuesday 23 May 2023.

Industry rates for 2023–24

Industry Rates for the 2023–24 premium year are set out in Special Gazette No. S 255 which is published in the Victoria Government Gazette on Tuesday 23 May 2023

Average premium rate for 2023–24

The average premium rate for 2023–24 is 1.8% of the state's rateable remuneration.

Key dates for 2023–24

Claims Statement available on line – 10 May 2023

If employers reported claims between 1 January 2020 to 31 December 2022, they can access a WorkCover Insurance Claims Statement using Worksafe's Online Employer Services from 10 May 2023. This statement is only provided once a year and is used to calculate premium for the 2023-24 year.

Certificate of Currency

These are available now for the current and next financial year. To have a Certificate of Currency sent to you each year sign up for email delivery via WorkSafe's Online Employer Services.

Buying out your excess

Employers have until 1 August 2023 to take up the excess buy-out option.

Updating your premium

Employers can review or update their Estimate of Rateable Remuneration for 2023-24 from now and can also pay their premium online based on their updated remuneration using WorkSafe's Online Employer Services.

Submissions received before 30 June 2023 will be reflected in renewal notifications.

Premium Renewal Notices

Employers can access their 2023–24 Premium Renewal notifications online using WorkSafe's Online Employer Services from 13 July 2023.

2023–24 Premium due dates

• 5% discount due date – 14 August 2023
• 3% discount due date – 1 October 2023
• First premium instalment (for monthly or quarterly plans) – 1 October 2023.
  • Quarterly due dates: 1 October 2023, 1 December 2023, 1 March 2024 and 1 June 2024.
  • Monthly due dates: 1st of every month commencing on 1 October 2023.
• Annual premium due date (without discount) – 1 November 2023.

Dates for certifying your 2022–23 remuneration

The due date for certifying remuneration is stated in an employer's renewal pack.

• 27 October 2023 (for large employers)
• 22 March 2024 (for small employers)

Other key dates

Other key dates and parameters for WorkSafe insurance premiums in the 2023-24 Premiums Order:

• Claims Reporting Period - 1 January 2020 to 31 December 2022
• Remuneration Experience Period - 1 July 2019 – 30 June 2022
• Minimum premium - $330 (plus GST)
• Maximum claims cost for an individual claim - $450,500
• Maximum legal costs for an individual claim - $84,300
• Maximum recovery - for an individual claim allocated to an employers' performance calculation - $450,500