Workers’ compensation premiums on the rise

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We have called it the sleeper cost issue of 2023-24 so don’t disregard the rises in workers’ compensation premiums.

In March, the Victorian Government announced its average scheme rates are increasing from 1.272 percent to 1.8 percent, a rise of almost 42 percent.

In NSW, where premium rates for the Nominal Insurer workers’ compensation scheme are increasing by an average of 8 percent, news is much worse for the transport sector where charges will soar by 14 percent.

In South Australia, the average premium rate for 2023-2024 will increase by 2.8 percent and in Queensland 4.9 percent.

NatRoad’s advice is to plan ahead and factor the increases into cash flow.