Workers Compensation Premium Rate 2011-12

Victoria’s workers compensation average insurance premium rate will remain at 1.338% of employers’ remuneration for the next financial year.
News article published

Tuesday 03 May 2011

WorkSafe’s chair, Elana Rubin, said the average premium remained Australia’s second lowest and the lowest ever average premium rate in Victoria having dropped from 2.22% of remuneration a decade ago.

“Reducing the number of injuries each year and encouraging employers and injured workers to look at early, safe and sustainable return to work opportunities are central to bringing down costs,” Ms Rubin said.

“WorkSafe is committed to reducing premium if there is a sustainable reduction in the cost of running the scheme, but safety improvements must be driven by the community, particularly those in a position to influence performance in a business.”

Industries with a high rate of injuries and a poor return to work record pay a higher premium than those with a good record.

For small businesses premium is based on the industry in which they operate.

For larger businesses, premium is calculated using a mix of the relevant industry performance and the claims performance of the employer. Larger employers with a good claims record get a premium discount compared with similar employers in their industry which do not perform as well.