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The cost of workplace injury and illness

08 November 2022

A study from Safe Work Australia (SWA) has explored the cost of work-related injury and illness in Australia.

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Safer, healthier, wealthier: The economic value of reducing work-related injuries and illnesses uses an innovative modelling cost to estimate how much value could be created for the Australian economy by removing work-related injury and illness.

According to the study:

  • There were 6.9 million work-related injuries and illnesses in Australia between 2008-2018, causing $37.6 billion in health system costs and a 2.2 million FTE productivity loss
  • Findings show that the Australian economy would be $28.6 billion larger each year and 185,500 full time equivalent jobs (FTE) would be created in the absence of work-related injuries and illnesses
  • Workers across all occupations and skill levels would also benefit from a wage rise of 1.3 per cent on average each year.

The research is the first of its kind to adopt the World Health Organisation’s guidelines to identifying the economic consequences of disease and injury.

SWA Branch Manager, Evidence, Communications and Strategic Policy, Meredith Bryant said: “The findings clearly illustrate the economic and productivity benefits to our wider community of investing in work health and safety.”

The findings aim to drive progress in work health and safety thinking and emphasise the need to devote attention and resources to harm prevention.

“We know that the devastating effects of injury and illness at work go beyond the effect on the individual, their workplace, occupation, industry, or jurisdiction in which they occur. Our communities and the Australian economy more broadly feel the impacts of these injuries and illnesses including through costs associated with loss of productivity, reduced work participation and increased healthcare.”

The report has been published on Safe Work Australia’s website here.

How the Chamber can help

As an employer, you have a legal, financial and moral obligation to make sure your employees go home safe.

The Victorian Chamber offer a comprehensive range of health, safety and wellbeing consulting and training services to help your business.

For more information, HSW consulting, training and other support please contact us on 03 8662 5333 or hsw@victorianchamber.com.au to discuss your needs. 

 

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