2023/2024 – Victorian Workers Compensation Scheme – Modernisation

The Victorian Andrews’ Government has announced the WorkCover average premium rate is being increased from 1.27% to 1.8% to cover rising costs of claims.

Effective from July 1 2023 for the 2023-24 period, WorkCover premiums will rise across the board.

While individual employer’s premiums will vary depending on industry, size, and previous claim history; with the average premium target increasing across all industries most employers can expect a WorkCover premium rise.

Please refer to the attached fact sheet pertaining to the increase in the average premium rate in 2023/2024 and beyond.

Don’t hesitate to contact us for any further queries you may have.