The WorkCover Scheme has continued to perform strongly in the six months to December 2007.
The latest independent valuation estimates the Scheme surplus has increased to $1.2 billion.
The Scheme's performance was strengthened by a solid return in investment income, improved claims management and reduced legal costs, in conjunction with the lowest injury rates since the Scheme began in 1987.
Since December 2005, premium rates have been reduced by an average 30 per cent – a saving of $785 million per year for businesses and the state's economy.
Also, employers with workers whose annual wages are $7500 or less will no longer be required to hold workers compensation insurance, except where an employer engages an apprentice or trainee, or is a member of a group of companies for workers compensation purposes.
The Scheme's improving financial position has also allowed two increases to permanent impairment payments since 2006.