The government has declared WorkCover is unworkable in its current form and flagged the possibility of higher premiums for businesses.
Cuts to WorkCover benefits and increases to premiums are both under consideration as the Andrews government scrambles to fix the scheme that compensates the state’s workers and pull it back to a sustainable financial footing.
“The scheme is no longer fit for purpose and does not meet the modern needs of those it was originally designed to assist more than 30 years ago.”The government would now work with business and worker organisations to look at “all options and take urgent action to continue the ongoing sustainability of the program”.
The body recorded an insurance operations deficit of $1.6 billion last financial year after a deficit of $3.9 billion the previous year.WorkSafe’s net profit after tax was $43 million last financial year. However, that figure emerged after the government announced a $300 million emergency payment in May 2022.Government modelling predicts the scheme would need more than $1 billion a year in support from the budget if action was not taken.
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