Queensland's Incremental Approach to Workers' Comp Premiums
Queensland's Incremental Approach to Workers' Comp Premiums
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Queensland has announced a 4% increase in workers’ compensation premiums for the upcoming financial year.
Despite this rise, the state assures businesses that they will still enjoy some of the most competitive rates in Australia.
According to WorkCover Queensland, the average net premium rate will see an adjustment from $1.29 to $1.343 per $100 of wages after discounts. Acting CEO David Heley emphasized that the rate hikes are carefully considered, especially in light of current cost-of-living challenges.
“Balancing the needs of our customers, both workers and employers, while safeguarding the long-term viability of the Queensland scheme is crucial,” Heley said. “These small, incremental changes help ensure that businesses do not face sudden and dramatic increases in their WorkCover premiums.”
Over the past decade, the government-owned and self-funded scheme has utilized over $2.5 billion from investment reserves to subsidize premiums. Mr. Heley mentioned that such financial management is pivotal in keeping the scheme robust and reliable.
Employers' premiums are influenced by multiple factors, such as their wages, claims performance, and industry standards. This tailored approach means that businesses with good safety records can benefit from lower premiums.
Last year, WorkCover Queensland supported employers through over 68,000 accepted statutory claims and 3,200 common law claims. The organization reported a concerning 28% rise in mental injury claims and a 9% increase in time-lost benefits compared to the previous year. These trends are not limited to Queensland; they are reflective of national issues affecting workers’ compensation schemes.
For instance, in New South Wales, icare recently revealed a more significant average premium increase of 8%. Such rising costs across various jurisdictions demonstrate the universal challenges facing workers' compensation schemes in light of increasing claims and associated expenses.
This adaptive and measured approach to rate adjustments showcases Queensland's commitment to both economic prudence and the welfare of its workforce. By carefully managing premium rates, WorkCover Queensland aims to maintain a sustainable and beneficial scheme for all stakeholders involved.
Thus, while premiums will see a modest increase, businesses can remain optimistic about the competitive and supportive structure of Queensland’s workers’ compensation framework.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
A fresh compliance review into strata insurance broking has intensified the sector’s focus on transparency, governance and the way owners corporations are supported through major insurance decisions. The National Insurance Brokers Association has responded by saying it will continue working with members and the code compliance committee after the review identified shortcomings in strata-related arrangements. - read more
Fresh scrutiny of broker conduct in the strata insurance market is a useful reminder for home service businesses that insurance advice should be transparent, documented and clearly aligned with the client’s interests. The National Insurance Brokers Association has responded to findings from the Insurance Brokers Code Compliance Committee after a review identified weaknesses in representative arrangements, remuneration disclosure, conflict management and oversight. - read more
The Insurance Council of Australia has opened public consultation on a redrafted General Insurance Code of Practice, with feedback invited until 21 July 2026. The proposal is not yet final, but it is an important development for anyone who relies on insurance to keep a small business operating, including personal trainers, fitness instructors and studio owners. - read more
Canstar’s 3 July 2026 landlord insurance comparison update gives Australian property investors a timely reminder that price is only one part of the cover decision. Its latest published figures, based on March 2026 research, show the national average annual premium for landlord building and contents cover on houses at $2,640, compared with $432 for units. The gap underlines how strongly property type, location, rebuild exposure and insured assets can influence what landlords pay. - read more
Zurich Australia is set to deepen its position in the local personal insurance market through an expanded partnership with Honey Insurance, with landlord policies included in the new arrangement. From October 2026, Zurich will underwrite and manage claims for home, landlord and motor policies distributed under the Honey brand, as well as through Bank of Queensland and other partner channels. - read more
With healthcare being a critical aspect of every family's well-being in Australia, securing the right family health insurance is not just a necessity but a responsibility. Recognizing the importance of this safety net is the first step towards safeguarding the future health needs of your loved ones. Balancing comprehensive coverage against affordable premiums can seem overwhelming with a multitude of plans available. - read more
In today's rapidly changing health insurance landscape in Australia, keeping track of costs and coverage can be daunting. Many Australians find themselves grappling with high premiums that seem to increase year after year. - read more
Welcome to our discussion on basic health insurance cover, a topic that is crucial yet often overlooked in the hustle and bustle of everyday life. Navigating the world of health insurance can be daunting, but understanding your options is vital for peace of mind and financial stability. - read more
Exploring the realm of health insurance can be like navigating a labyrinth, replete with complex terms and varying policies. Among these, health fund rebates emerge as a crucial element, particularly for young Australians embarking on their journey of health coverage. Fund rebates can significantly lighten the financial burden, transforming the quest for health insurance from daunting to empowering. - read more
In the realm of securing one’s health and wellbeing, navigating the Australian health insurance landscape can be as critical as the care received. It stands as a complex tapestry, woven with policies, premiums, and government incentives, affecting individuals and families nationwide. - read more
Knowledgebase
Income Insurance: Insures your income in the event of you being unable to work due to sickness or accident.
No comments yet. Be the first to share your thoughts.