Premium update -WorkCover Victoria 2021/2022

Dear Clients, Colleagues and Partners,

An interesting update coming out of Victoria this week with regards to the average premium 

which will remain at the current rate of 1.272% of remuneration for the 2021/2022 premium year.

Whilst this is great news for our clients premiums in Victoria, this does not necessarily mean that 

employers will not see changes to their own premium rates at an individual employer level.

Each year your premium is impacted by the size of your business (your remuneration)

your own experience (whether you have had claims or not) and the industry that your business operates 

in (your industry rate).

The industry rates for 2021/22 are due to be gazetted next week, the Team at Workers 

Comp Savings are on hand to help once this has occurred.

It is noted that Victoria’s vital WorkCover scheme has been under pressure in recent years due to 

significant increases in the number, complexity and cost of claims – particularly mental injury claims.

The COVID-19 pandemic has compounded the impact on WorkSafe’s sources of revenue – 

premium payments and investment returns. 

As noted that premiums in Victoria and claims costs are subjected to Statistical Claims Estimating 

which takes into account such things as the occupation, date of birth, capacity hence why good claims

management is required to help mitigate rises in premiums.

Our main focus is your business and ensuring that we continue to provide outcomes on claims 

and manage your premiums accordingly.

If you have any questions, please do not hesitate to call Kyle, Daryl or Adrian.