Savings for Victorian businesses

Victoria's WorkCover premiums have been reduced, delivering a $170 million saving a year to business, WorkCover Minister John Lenders said.

Lenders said that for the third year in a row the Bracks Government would reduce the average premium rate by 10%, providing a major competitive boost to Victorian businesses.

"The average WorkCover premium rate in Victoria is now 1.62% "“ the lowest level in the scheme's history.

"The 10% cut from 1 July this year will mean Victorian businesses have an average premium rate 25% lower than in NSW and 46% lower than in South Australia."

Lenders said Victoria had the best managed scheme in the country and was now one of the few workplace injury insurance schemes in Australia that was fully funded.

"Victoria is now a safer place to work than ever before, injured workers have access to increased benefits and we have just delivered the third successive 10% cut in premiums," he said.

"It included support for injured workers for up to an additional six months, an 18% increase in death benefits to affected families, and improved counselling services.