The Turnbull Government continues to deliver budget savings and strong economic management, with the announcement of significant savings from improvements to Comcare, the Commonwealth’s workers compensation insurance scheme.
Improvements to the scheme have resulted in a reduction in claims liabilities of $700 million over the past three years and a reduction in premium costs for Government agencies of approximately $87 million for 2017-18.
These changes build on Comcare’s success in turning around the financial position of the Comcare scheme, which is now fully funded for the first time in seven years, three years ahead of schedule.
Following a successful trial, the Government will now provide Government departments and agencies with the option to utilise private sector insurers for their workers’ compensation claims management. This trial resulted in more efficient and cost-effective claims management, together with improved service for individuals with claims.
These results are another clear example of the Turnbull Government cleaning up after Labor's slack financial management, while still delivering the most efficient and effective service for injured and ill employees.
Under Labor, Comcare had become a budget black hole into which taxpayer’s money simply disappeared.