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.
