WorkSafe Victoria's latest operational results

Wednesday, 08 October, 2008


WorkSafe Victoria’s 2007/08 operational results showed the state experienced fewer than 30,000 workplace injury claims for the third time in its history, at a record low rate of 11.11 per 1000 workers — down from 11.32 claims per 1000 workers in 2006/07.

Elana Rubin, chair of the board, said: “Victoria remains safer than ever for workers and employers. We have a combined package of safe workplaces, low premiums and wide-ranging benefits for injured workers.

“In addition to the reduced injury rate, workplace fatalities compared to 2006/07 were halved at 16. While this significant improvement is encouraging, it needs to be seen in the context that even one fatality is too many.”

The Victorian government has made four consecutive annual 10% cuts to average premium rates and a further 5% reduction early 2008. Rubin said that while the 2007/08 results were good, there was always further room for improvement: “We cannot afford to be complacent. We will continue to work with the community to create an environment where everyone can return home safely at the end of the day.”

WorkSafe’s financial results include a record performance from insurance operations (PFIO) of $958 million, driven by further improvements in the management of workers’ claims. Rubin said: “PFIO is the best measure of the scheme’s underlying health and performance as it directly reflects those aspects over which WorkSafe has control, particularly claims management.”

During the year, WorkSafe continued to reduce the long-term claims costs within the scheme with an actuarial release of $511 million — making for an almost $3 billion reduction since 2002/03.

In the year to June 2008, WorkSafe paid more than $1.33 billion in total compensation payments for injured workers.

 

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