The Victorian Government has announced a major cut to WorkCover premiums, cutting them by three per cent from the beginning of July.

 

Premier Ted Baillieu said the reduction, outlined in the state’s budget, forms part of the Government’s aim to support businesses in ‘challenging economic times’.

 

"Victoria already has the lowest workplace insurance premiums in Australia and this cut will strengthen Victoria's competitiveness to attract business investment, reduce costs for business and support economic growth," Mr Baillieu said.

 

The cuts will see WorkCover premiums reduce from1 .338 per cent of an employer’s remuneration to 1.298 per cent.

 

"The reduction will benefit almost 60 per cent of Victorian businesses, of which nearly 59,000 will have their premiums cut by more than 10 per cent," Victorian Assistant Treasurer Gordon Rich-Phillips said.