WorkSafe half-year results

For the half-year period ending December 2023, there was a deficit of $1.1 billion in performance from insurance operations (PFIO). This shortfall signalled a challenging time for WorkSafe, showcasing a post-tax net loss valued at $726 million. Despite the adversity, WorkSafe was able to deliver solid returns on investment at 3.7 percent and managed to amplify their premium collection rate. Still, the mounting cost of claims growth offset these accomplishments. Moreover, a looming $587 million rise in prospective future claim liabilities is another hurdle yet to be faced.

In terms of insurance funding, WorkSafe has maintained its ratio at 101.8%, which falls within the optimal funding range of 100-140 percent. It’s part of vital practices like these that underscore the necessity for comprehensive work safety products encompassing Bluesafe WHS Management System and Safe Work Method Statements (SWMS), along with well-structured policies in place.

These systems not only help manage workplace health and safety effectively but also ensure alignment with all requisite codes and regulation framework. The goal is consistent: to reduce workplace hazards and injuries whilst enhancing productivity and financial health.

Enquiries are welcomed via email at or by calling on 0438 786 968. Regular updates can be obtained by subscribing to media releases – ensuring you stay informed about crucial business developments and implementations, such as those involving the key integration of tools like Bluesafe SWMS or effective WHS management systems.

It’s through resilient management and ongoing commitment to improving safety and health measures that entities like WorkSafe can navigate unfavorable financial results while focusing on safe and healthy workplaces.

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