Health Insurance Online :: News

Share this news item!

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.

Published:Wednesday, 5th Jun 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Call for Enhanced Support for Indigenous Insurance Customers

09 Dec 2025: Paige Estritori

The Life Code Compliance Committee has identified significant gaps in support for Indigenous customers within the insurance sector, following an audit of three major insurers representing two-thirds of the market. The analysis reveals that these insurers lack adequate procedures for safe self-identification, a critical step towards ensuring cultural inclusivity and accessibility. - read more

Australian Insurtech Startups: Pioneering the Future of Insurance

09 Dec 2025: Paige Estritori

The Australian insurtech sector is experiencing significant growth, with startups introducing innovative solutions that enhance efficiency, security, and customer engagement within the insurance industry. A recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs' highlights the pivotal role these companies play in reshaping the market. - read more

Australian Insurers Address Surge in Mental Health Claims

09 Dec 2025: Paige Estritori

The Australian insurance industry is facing unprecedented challenges due to a significant rise in mental health-related claims. The Council of Australian Life Insurers reports that mental health has become the leading cause of total and permanent disability claims, accounting for nearly one in three payouts. - read more

Calls for Overhaul in Australian Insurance Claims Handling Processes

09 Dec 2025: Paige Estritori

Australian consumer advocacy groups are intensifying their calls for substantial reforms in the insurance industry's claims handling processes. The Australian Consumers Insurance Lobby (ACIL) has criticised the current system, highlighting ongoing issues that compromise consumer outcomes. - read more

WFI Insurance Rewards Sustainable Farming with Premium Discounts

08 Dec 2025: Paige Estritori

In a significant move towards promoting sustainable agriculture, WFI Insurance has announced a new initiative offering premium discounts to farmers who obtain AgCarE certification. This program, developed by AgForce, aims to recognise and reward farmers implementing eco-friendly practices on their properties. - read more

Click for more Insurance News

Health Insurance Articles

Insider Secrets to Finding Cost-Efficient Health Insurance

Health insurance in Australia is a crucial aspect of ensuring you and your family receive the medical care needed without facing exorbitant costs. The healthcare system, consisting of both public and private sectors, offers various options to suit different needs and budgets. While the public sector (Medicare) provides essential services, private health insurance offers additional benefits such as faster access to services, choice of doctor, and coverage for services not included in Medicare. - read more

The Digital Age of Health Insurance: Comparing Policies Online

The dawn of the digital age has significantly transformed the way we approach nearly every aspect of our lives, and the domain of health insurance is no exception. With the arrival of innovative digital tools, the health insurance landscape has undergone a striking evolution, allowing for unprecedented accessibility and convenience in managing healthcare coverage. - read more

The Importance of Comparing Health Insurance Extras for Maximum Savings

Health insurance is more than just a precautionary measure; it's a vital component in managing both your health and financial well-being. In Australia, where healthcare costs can quickly escalate, health insurance extras serve as a buffer, ensuring that services like dental, optical, and physiotherapy remain within reach. These extras can significantly reduce the out-of-pocket expenses you might otherwise encounter for non-hospital treatments. - read more

Demystifying Individual Coverage: Your Guide to Personal Health Insurance in Australia

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

How to Choose the Best Family Health Cover for Your Needs

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

Knowledgebase

Elimination Period:
The time period between an injury and the receipt of benefit payments from an insurer, particularly in disability insurance.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.