Recommended premium rates and new administrative instruments

I am pleased to share with you information about the 2024/25 recommended premium rates, as well as the release of key administrative instruments supporting the new Act.

Recommended premium rates

The 2024/25 recommended premium rates for workers compensation insurance in Western Australia have been released. The average recommended premium rate for 2024/25 is set at 1.732% of total wages, representing a 0.3% increase from the 2023/24 rate of 1.727% of total wages.

Each year, WorkCover WA recommended premium rates are reviewed to ensure sufficient premium is collected to meet the costs of workers compensation claims. The key drivers of the small increase to the recommended rates for 2024/25 are increased costs from higher average claim size and numbers, and entitlement changes from the Workers Compensation and Injury Management Act 2023 partially offset by continuing strong growth in aggregate wages and a decrease in insurer expenses.

You can find more information here.

Key administrative instruments

Following proclamation of the new Act commencement date and release of the Regulations last week, we committed to release a suite of information and key administrative instruments supporting the new Act by the end of March. I am pleased to announce this information is now available on our website.

Over the coming weeks, the WorkCover WA website will continue to be updated with additional information associated with the new Act.

I trust this information will assist you as we work together to be implementation ready on 1 July 2024.

Chris White
Chief Executive Officer