WorkSafe announces half-year results

The state’s workers’ compensation scheme remains financially sound, and fewer people are being injured at work, according to the mid-year report card released today by WorkSafe.
News article published

Thursday 01 Mar 2018

Industries and topics
  • Health and safety representatives

In the six months from July to December 2017, the number of injury claims per million hours worked fell 1.9 per cent to 6.16.

Over the same period, WorkSafe recorded a net result of $516.8 million. This was primarily due to strong investment returns and favourable changes in economic assumptions.

WorkSafe’s half year performance from insurance operations (PFIO) was $9.6 million. This was impacted by a rise in the projected future cost of claims, which resulted in the need for an extra $100 million to be set aside for these costs.

Despite this, WorkSafe Chief Executive Clare Amies said WorkSafe’s fundamentals remained sound.

“The decrease in injury rates is particularly pleasing as it shows that more Victorian workplaces than ever before are making safety a key part of their daily activities,” Ms Amies said.

“We will continue to make injury prevention our most important goal because that’s good for workers, their families, employers and the community.”

Key results half-year 2017/18

Performance from insurance operations Actuarial increase Net result
$9.6 million $100 million $516.8 million