WorkSafe half-year results

Despite a larger than expected increase in the number of claims and treatment costs, WorkSafe remains well placed to prevent workplace harm and help injured workers recover.

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Published: 11 March 2022

WorkSafe Chief Executive Colin Radford said the continued growth in mental injuries especially was putting significant pressure on the community, workplaces and Victoria's workers compensation scheme.

"Workplace safety is something that touches every single Victorian," he said. "As a community, we simply must do better at preventing workplace injuries and harm, both physical and psychological."

"We also need to improve outcomes for those who have been injured – supporting them to return to health and return to safe work – including those with mental injuries who often require more complex services and treatment for longer."

WorkSafe recorded a net loss after tax of $378 million in the six months to December 2021.

The rising cost of supporting injured workers and a $482 million increase in WorkSafe's projected claims costs, contributed to a Performance from Insurance Operations (PFIO) of negative $1.076 billion.

This was partly offset by favourable investment returns of 4.5 percent, despite continued volatility in financial and currency markets.

WorkSafe's insurance funding ratio is at 115 per cent, within the preferred funding range of 100-140 per cent.