25 May NSW Workers Compensation Parliamentary Inquiry
The NSW government has agreed that workers compensation is in urgent need of reform and has set up a Parliamentary Inquiry to report on the scheme and WorkCover.
TTIA has lodged a submission on behalf of Members relating to the NSW Workers Compensation Scheme which is currently $4 billion in deficit. It is pleasing that some of our Members also lodged submissions about their own cost issues relating to the scheme.
The cost of the scheme has been increasing despite the decline in both the number and severity of claims. Unless immediate action is taken, New South Wales businesses could face an increase in their workers compensation premiums of up to 28 per cent per annum to restore the scheme to viability within five years.
Premium increases of this size will damage business and jobs growth in NSW. Workers compensation premiums paid by NSW employers are already 20 to 60 per cent higher than in Victoria and Queensland.
TTIA will keep Members informed of any changes to the scheme as a result of the Inquiry.