WorkSafe Victoria publishes half-year results

WorkSafe's half-yearly results reveal the safety agency continues to face financial difficulties.

The results show during the six-month period ending in December 2023, the Performance from Insurance Operations (PFIO) recorded a shortfall of $1.1 billion.

The results further reveal that Victoria’s workplace safety watchdog reported a $726 million net loss after tax, despite experiencing strong investment returns of 3.7 percent and increased premium collections, as these gains were outweighed by growing claims and a $587 million rise in anticipated future claims costs.

Despite these challenges, the half year results indicate WorkSafe’s insurance funding ratio remains within the desired range of 100-140 percent, currently standing at 101.8 percent.

Source: WorkSafe Victoria website.