WorkSafe Victoria posts half-year after tax net loss

According to the safety agency's half-year results, WorkSafe Victoria recorded an after-tax net loss of $378 million in the six months to December 2021.

The results show as at December 31 2021, WorkSafe Victoria's insurance funding ratio – a measure of assets against claims liabilities – was at 115 percent, slightly above the preferred funding range of 100-140 percent.

The high cost of supporting injured workers and a $482 million increase in WorkSafe's projected claims costs contributed to a Performance from Insurance Operations (PFIO) of negative $1.076 billion.

WorkSafe Chief Executive Colin Radford said the continued growth in mental injuries was putting pressure on Victoria's workers' compensation scheme.

"Workplace safety is something that touches every single Victorian," he said. "As a community, we simply must do better at preventing workplace injuries and harm, both physical and psychological."

"We also need to improve outcomes for those who have been injured – supporting them to return to health and return to safe work – including those with mental injuries who often require more complex services and treatment for longer."

Original source WorkSafe Victoria website.