It looks set that the average NSW workers comp premium rate will increase by 8% in 2023-24. This being the rate icare has lodged with the State Insurance Regulatory Authority (SIRA).
Whilst this will be a big increase for small business to absorb, it could have been much worse. Work Health and Safety Minister Sophie Cotsis commented it will take years to fix a decade of decline in the workers’ compensation system as previous rate increases from 2014 to 2021 were inadequate. Increases of up to 22% were discussed as necessary, however the NSW Government has announced this 8% increase and capped the two subsequent years to no more than 8%.
We should have a better understanding of industry specific rate increases in the next few weeks. For further information please feel free to contact the ProYou team on 02 9064 1300.