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Victorian State Budget 2023-24: WorkCover premiums
Technical article

Victorian State Budget 2023-24: WorkCover premiums

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

This content is general commentary only and does not constitute advice. Before making any decision or taking any action in relation to the content, you should consult your professional advisor. To the maximum extent permitted by law, neither Pitcher Partners or its affiliated entities, nor any of our employees will be liable for any loss, damage, liability or claim whatsoever suffered or incurred arising directly or indirectly out of the use or reliance on the material contained in this content. Pitcher Partners is an association of independent firms. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate and independent legal entities. Liability limited by a scheme approved under professional standards legislation.

Our experts

Craig Whatman

Craig Whatman

Partner Melbourne
Irina Tan

Irina Tan

Partner Melbourne
Ali Suleyman

Ali Suleyman

Partner Melbourne
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