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A WorkCover win for Business

Businesses will be relieved to know their WorkCover premiums will be frozen for the 2024-25 financial year, with the Victorian Parliament passing the changes in the early hours of yesterday (Wednesday).


The Victorian Chamber has been instrumental in the WorkCover negotiations with all sides of politics and welcomes the developments.

The deal to cap the insurance payments at 1.8 per cent comes after months of consultation and an independent Parliamentary Inquiry to review the Workplace Injury Rehabilitation and Compensation Amendment – or WorkCover Scheme Modernisation Bill 2023.

The Government, Opposition and interested parties had concluded the WorkCover scheme required fundamental change as it was no longer “fit for purpose”.

WorkCover claims liability has tripled over the past decade, due mainly to the significant rise in mental injury claims, which weren’t part of the original 1985 design of the scheme.

Modernisation of the WorkCover scheme will include the establishment of ‘Return to Work Victoria’, which will offer support for injured employees and those experiencing work-related mental stress.

Chief Executive of the Victorian Chamber, Paul Guerra, says the freeze on premiums is “… the best outcome the business community could have expected, and we applaud all sides of politics for showing leadership to work together on a solution that our state’s business and workforce so desperately needs to ensure our economic sustainability.

“The Opposition deserves credit for standing firm and initiating the inquiry.

“The Victorian Chamber looks forward to playing a major role to ensure that a modern WorkCover system is sustainable and affordable. And that includes the scope of Return to Work Victoria and the remit that it should have to also play a preventative role and foster improved outcomes for workers.” 

The changes have been made possible by both sides of politics coming to an agreement to modernise the no longer ‘fit-for-purpose’ scheme and deliver an outcome that will serve workplace safety and give much needed certainty to businesses.

Victorian Minister for WorkSafe and the TAC Danny Pearson, says “We were clear that WorkCover is fundamentally broken –we’re pleased we can now get on with delivering these important changes, making sure our scheme can continue to support Victorian workers when they need it most.”

“There’s nothing safe about being sick – we’re helping workers return to their jobs and making sure WorkCover leaves no injured worker behind for many years to come.”

Shadow Minister for WorkCover Cindy McLeish, says The Liberals and Nationals have secured a critical freeze to WorkCover premiums, which will provide much needed financial relief to businesses across the state.

“Further, there will now be much greater oversight of the operation of WorkCover to help the scheme become sustainable into the future.

In support of workplace injury prevention, the Victorian Chamber provides several services to improve safety outcomes in the workplace. The Victorian Chamber is running a timely Prevention is Better than Cure: Webinar on 19 March, focusing on minimising risk and costs in the workplace.


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