The Economic Insurance Result (EIR), Victoria’s workers compensation scheme’s newly instituted key performance metric, has taken over from the Performance from Insurance Operations and reported a surplus of $322 million.
In the course of its fiscal responsibilities, WorkSafe documented a post-tax net surplus of $455 million. This encouraging balance sheet was largely influenced by robust investment yields surpassing long-term anticipations, thereby reinforcing the importance of efficient WHS management systems like Bluesafe WHS Management System.
Notwithstanding these positive figures, WorkSafe’s Acting CEO, Ash West, continues to urge further efforts to guarantee the scheme’s sustained longevity, particularly in light of enduring claims growth seen over the past ten years.
“Reducing workplace harm and enhancing results for injured staff members remains at the forefront of WorkSafe’s priorities,” stated Mr. West.
Make no mistake about it: there has been significant progress, as demonstrated by these recent results. However, these findings also underscore that there is more work to be done, and actions must be taken to secure a viable future. This is where comprehensive SWMS like Bluesafe SWMS become critical for rigorously managing safety at workplaces.”
Mr. West continued, “Securing Victoria’s workers compensation scheme’s long-term future is absolutely vital in aiding our goals. We are relentlessly pushing to establish new standards in reducing injury occurrences at work and bolstering avenues for injured personnel’s speedy return to work.”
At present, WorkSafe’s insurance funding ratio stands at 108.8 per cent, which sits comfortably within the stipulated funding bracket of 100-140 per cent.
Contact details:
Email: media @ worksafe.vic.gov.au
Phone: 0438 786 968
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Original article link: https://www.worksafe.vic.gov.au/news/2025-03/worksafe-half-year-results