Premium freeze a relief for business

Business NSW has welcomed the NSW Government’s decision to freeze workers compensation premiums and thereby provide some financial respite to businesses that are suffering due to the COVID-19 crisis.

Employers were increasingly concerned about a proposed 4 per cent increase in workers compensation premiums that would have taken effect from 1 July 2020 and the impact it would have on jobs.

“The NSW Government’s decision to freeze workers’ compensation premiums is a victory for common sense,” said Stephen Cartwright, CEO of Business NSW. “It will help to avoid an additional financial burden on businesses at a time when they are struggling to keep afloat.”

“Business NSW has been a vocal advocate for reducing the financial burden on business and has strongly opposed any hikes in premiums.”

“This welcomed decision will cover 350,000 businesses who employ 3.2 million people and will avoid $325 million in additional costs for businesses across the state.”

“A recent Business NSW survey found that one in four businesses would have employed fewer employees or given fewer hours if premiums had been allowed to increase by the proposed 4 per cent.”

“The NSW Government’s support for business during the COVID-19 crisis, by freezing and reducing a host of costs on business, has been outstanding.”



“We look forward to ongoing discussions with government on what other steps can be taken to ensure that our business communities get through this pandemic intact and that they are ready to go when our lives return to some sort of normality,” said Mr Cartwright.