June 4th, 2025Workcover premiums on hold for next financial year

The state government has confirmed it will maintain the WorkCover average premium rate for Victorian businesses for the next financial year. 

Deputy Premier and Minister for WorkSafe and the TAC Ben Carroll last week confirmed that the average premium will remain at 1.8 per cent for a third consecutive year, while continuing to strengthen support for workers to get back to health and work.  

A media release issued from the minister’s office last Tuesday (May 27) stated:

This delivers on the Government’s commitment that once WorkCover returns to financial sustainability, any savings will go back into the scheme to ensure better outcomes for workers and lower premiums for businesses.

Last financial year, WorkSafe provided $3.4 billion in tailored support to more than 104,000 injured workers while helping more than 26,000 injured workers to return to safe and sustainable work.

The average premium rate has remained unchanged since the 2023-24 financial year, when the Government introduced reforms to modernise the WorkCover Scheme to ensure it remains financially sustainable and can continue to support injured workers into the future.

An independent statutory review will be conducted in 2027 to ensure the reforms are working as they should. 

While the average premium rate will remain steady for 2025-26, individual premiums for Victorian employers are determined by factors that can vary from year to year, such as how much they pay their workforce and their own claims history.

Individual premiums are also based on more than 500 specific industry rates, which are set annually based on how dangerous that particular sector has been compared with other industries in recent years.

Premium renewal notices for the 2025-26 financial year will be available via WorkSafe’s Online Employer Services (OES) portal in July. For more information visit worksafe.vic.gov.au/insurance