none

WorkSafe weathers financial storm

09-03-2010
by 
in 

WorkSafe Victoria has improved its financial position with a solid increase in its performance from insurance operations and a record reduction in workplace injuries in the first half of this financial year.  

WorkSafe’s performance from insurance operation (PFIO) – the key measure of the scheme’s financial performance – rose to $288m for the half year compared with $168m at the same time in 2008-09.

PFIO is the most accurate measurement of the scheme’s performance as it reflects the matters WorkSafe can control (such as claims management) and excludes the impact of fluctuating investment markets.

An actuarial release (improvement on forecast claims liabilities) of $57m is up from $7m at the same time in the previous year. Also adding to WorkSafe’s positive financial position is a funding ratio of 109 percent.

An improving investment market has driven a $686-million after-tax profit compared with a paper loss of $1.42 billion at the end of the first half of the 2008-09 financial year.

The interim figure on workers compensation claims per thousand workers stands at 10.32 down from 10.8 per 1000 workers at the end of the last financial year.

Ms Elana Rubin, the Chair of WorkSafe Vic, said while the financial results and the reduced injury rate, pointed to a financially sound and well-managed workers compensation system, reduced hours worked during the economic downturn may have helped cut the injury claims rate.

Related news & editorials

  1. Maxim Integrated’s line of AEC-Q100 Grade 1 solutions for automotive systems, the DS28E40 is a parasitically-powered authenticator utilising a 1-Wire interface for simple connectivity.
    01.03.2021
    01.03.2021
    by      In , In
    In critical systems, genuine components are the safest and most reliable.
    As cars become more sophisticated, safety and security risks grow as well. Designers can now enhance these elements for vehicle systems while reducing both complexity and code development by authenticating genuine components... Read More
  2. A world-first advanced manufacturing accelerator known as ‘Line Zero – Factory of the Future’ has begun construction at the Tonsley Innovation District near Adelaide, as the government looks to the future to reinvigorate the manufacturing industry.
    18.02.2021
    18.02.2021
    by      In , In , In
    A world-first advanced manufacturing accelerator known as ‘Line Zero – Factory of the Future’ has begun construction at Tonsley Innovation District near Adelaide, as the government looks to the future to reinvigorate the manufacturing industry.
    The South Australian government has matched a $5... Read More
  3. Left to right: Jeff Tighe, Rod Tighe, David Macdonald (Applied Machinery)
    09.02.2021
    09.02.2021
    by      In , In , In
    Metal products can be spun using one piece of material to produce parts without seams or welds. Without seams, a part can withstand higher internal or external pressure exerted onto it.
    One of the more unique products that Tighe Metal Spinners produces each year is the AFL Premiership Cup for Cash’... Read More
  4. 05.02.2021
    05.02.2021
    by      In , In
    In critical systems, genuine components are the safest and most reliable.
    As cars become more sophisticated, safety and security risks grow as well. Designers can now enhance these elements for vehicle systems while reducing both complexity and code development by authenticating genuine components... Read More
Products
Suppliers