Queensland still has the lowest average workers’ compensation premiums in the country.
The announcement was made by Industrial Relations Minister Grace Grace on Wednesday.
According to Ms. Grace, WorkCover Queensland average premiums would remain at $1.20 per $100 in wages paid in 2016-17.
“Queensland’s workers’ compensation scheme WorkCover is the envy of the nation,” said Ms. Grace.
“It supports injured workers with nation-leading coverage and continues to have the lowest average premiums of any Australian State or Territory.
“Having the lowest average premiums benefits Queensland businesses engaged in interstate trade.
“It shows that Queensland is a great place to do business, particularly small businesses.”
Ms. Grace said WorkCover has maintained its strong financial position.
“WorkCover is required by Queensland Treasury to have a funding ratio of 120 percent,” she said.
“The financial results to the end of the quarter ending 31 March 2016 show WorkCover’s current funding ratio is 160 percent and projected to be 156 percent at the end of the financial year.
“We’ve been able to achieve this without stripping away injured workers’ rights and entitlements, as the previous LNP government did.
“The Newman-Nicholls Government put pressure on injured workers and their families at a time when they were most vulnerable.
“The Palaszczuk Government will continue to support WorkCover to ensure it remains the best workers’ compensation scheme in Australia.”