Victorian State Budget 2023-24: WorkCover premiums

23 May 2023

In changes to the Victorian WorkCover, premiums are set to increase by an average of 42%.

Last week, the Victorian Government announced that it would be modernising the WorkCover Scheme. In doing so, they have advised that the average premium rate would increase from 1.27% to 1.8% of remuneration in order to cover the cost of claims. This compares with average premiums of 1.23% in Queensland and 1.48% in New South Wales.

The increase in average premiums represents a cost increase of 42%. This coupled with other increases in costs announced in the 2023-24 Victorian State Budget puts considerable pressure on businesses operating in Victoria.

The other key reforms relevant to modernising the WorkCover Scheme include:

Establishing Return to Work Victoria to provide more support for workers to return to employment; and
Adjusting the eligibility for mental injury claims and introducing a whole person impairment threshold of 20% for claims that receive weekly benefits for more than two and half years

What are the next steps

If you believe this will impact you and/or your business reach out to your Pitcher Partners expert to discuss the impact today.

Click here to return to the Victorian Budget 2023-24

See how Pitcher Partners team can help you, contact us today - we'd love to help.

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