"The five per cent reduction in NSW workers compensation announced today could not come at a better time and is a major confidence boost for the state's businesses," Ai Group NSW Director, Mark Goodsell, said today.
"Ai Group has long campaigned for stability in workers compensation premiums - designing a scheme that provides good benefits and support for injured workers at a competitive and stable premium level. This new reduction - in additional to the cut earlier this year - will benefit more than two hundred thousand employers across NSW, and proves that stability can be achieved in a fair system.
"At a time when the economy is fragile, and the transition from the mining investment boom to a broader base of economic growth is still uncertain, reductions in statutory costs like workers compensation come as a great relief to employers. It gives them confidence to engage their next employee, knowing that on-costs (which can be 25% or more to the cost of engaging a worker above their salary) are under control.
"The announcement that the scheme is now in surplus further supports the Government's decision to undertake necessary reforms in June last year," Mr Goodsell said.
