WorkCover Queensland customers continue to benefit from one of Australia’s lowest average premium rates

Queensland businesses will continue to benefit from one of Australia’s lowest average premium rates for workers’ compensation insurance.

WorkCover Queensland’s average net premium rate for 2024–2025 will move from $1.29 to $1.343 per $100 of wages, after discounts.

As a government-owned and fully self-funded scheme, WorkCover has one of the lowest average premium rates in Australia and a high return-to-work rate, supporting nine in 10 Queenslanders injured at work to get back after an injury.

In 2022–2023, WorkCover supported Queensland employers through more than 68,000 accepted statutory claims and 3,200 common law claims.

Mental injury claims were up 28 per cent in 2022–2023 compared to the previous year, while time-lost claim benefits were up 9 per cent. These trends are seen in other jurisdictions across the country, with the cost impacts creating pressure on Australia’s workers’ compensation schemes.

WorkCover Queensland Acting CEO David Heley said that any increase to the average premium rate is a decision that is always considered very carefully, particularly in light of cost-of-living pressures.

"It's important that we balance the interests and needs of our customers, both workers and employers, with doing the right thing to protect the Queensland's scheme's long-term viability," Mr Heley said.

“We have been able to use our investment reserves to subsidise more than $2.5b in premiums over the last 10 years.”

"Small, incremental changes to our average premium rate are the best way to ensure customers are not faced with a sudden dramatic increase to their WorkCover premium in the future."

The premium rate applied to individual employers is dependent on their wages, their claims performance and that of their industry. Employers can learn how their premium rate is calculated, and how they can take steps to reduce their premium. Queensland businesses can also see how their claims performance compares to their industry on WorkCover Connect.

The 2024-2025 WorkCover Industry Classifications have now been gazetted and are available here (PDF, 0.5 MB).

Employers can influence their individual premium rate by:

• improving their safety culture and reducing workplace injuries. The lower an employer’s claims costs, the lower their premium. Employers can register their interest in the Injury Prevention and Management (IPaM) program, delivered with the Office of Industrial Relations. The IPaM program provides employers with free, tailored safety and injury management advice.
• supporting a worker’s return to work. The faster a worker gets back to work safely doing suitable duties, the lower the claims costs and impact on premium.
• taking advantage of WorkCover’s early payment discount.

Employers can renew their Accident Insurance policy by declaring their wages and paying their premium between 1 July and 30 September.