WorkSafe weathers financial storm


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. plasma cutting table
    by      In , In , In
    Hare & Forbes has released the UK manufactured Swift-Cut PRO 3000, a feature packed 125amp plasma cutting table.
    Incorporating a US manufactured Hypertherm Powermax 125 plasma system for continuous operation, the cutter has the ability and power to precision cut all metals of thicknesses from 0... Read More
  2. handles
    by      In , In
    DIRAK L and T hygiene handles with or without cylinder key locking mechanism, are now available ex-stock from hardware specialists FDB Panel Fittings.
    They are designed for use in hygiene areas in food, pharmaceutical and related areas, where it is important to manage and minimise the accumulation... Read More
  3. 25.05.2021
    by      In
    In many automated processes, humans operate and monitor equipment via HMIs or human machine interfaces. An ATM is an example of an HMI. The Turck TX700 series is another example.
    Turck’s TX700 series stands out due to its versatility. With drivers for easy integration to all major PLCs, it can be... Read More
  4. hopper
    by      In , In , In
    For more than 40 years, Victorian-based Enmin has been building custom vibratory and material handling solutions for myriad applications and environments. 
    The company’s vast knowledge and expertise in this area has seen its list of customers grow to include most of Australia’s leading food... Read More