Business

Premium predictability for NSW businesses

The NSW Government has issued a direction to Insurance and Care NSW (icare) to limit the average premium rate increase for NSW workers compensation to 2.9 per cent, ensuring predictability and stability for businesses.

This will see the average premium rate increased from 1.44 per cent of wages to 1.48 per cent for the policy year 2022-23, in line with rate increases in the last policy year and remaining below the national average.

This direction, made by the Minister for Finance Damien Tudehope in the public interest, to the State Insurance Regulatory Authority (SIRA).

Mr Tudehope said the maintenance of a modest increase in premiums balances the cost impacts on NSW businesses and the long-term sustainability of the workers compensation scheme.

“Businesses across the state are experiencing as a result of natural disasters, COVID-19 pressures. Financial certainty is critical for businesses in these challenging times,” Mr Tudehope said.

The NSW followed consideration of pricing options developed by icare, the and manager of the $20 billion of assets under the NSW Nominal Insurer (NI) that provides coverage for 330,000 NSW employers. focus on the sustainability of the NI fund continues by driving operational savings, investment performance and other by the new leadership team at icare,” Mr Tudehope said.

“NSW businesses with a strong safety record and commitment to helping injured workers return to work will continue to be rewarded with incentives and discounts.”

The icare premium by SIRA in the coming weeks.

Red tape cut to mobilise interstate tradies

Working in NSW is about to become easier for interstate tradespeople, with the Government rolling out the welcome mat to ease construction industry labour shortages.

From July 1, NSW will recognise a range of interstate building and construction registrations, with certain tradespeople no longer needing to apply for a NSW licence, or pay additional registration or renewal fees.

Treasurer Matt Kean said more electricians, plumbers, and building workers coming to NSW would help the Government accelerate the repairs of homes, businesses, and schools damaged by the recent and cheaper for interstate sparkies, chippies, plumbers, and brickies to come to NSW and help effort,” Mr Kean said.

to ensure that if you are registered tradie from any participating state, you can work in NSW. This means interstate tradies can now come and work in the Northern Rivers regions to help through the recovery phase.” expected these changes will allow a more timely response to any future natural disasters.