ReturnToWorkSA

In reply to Mr COWDREY (Colton) ((21 June 2022).). (Estimates Committee A)

The Hon. K.J. MAHER (Minister for Aboriginal Affairs, Attorney-General, Minister for Industrial Relations and Public Sector): I have been advised:

ReturnToWorkSA estimate that either the current bill or the original bill would restore the funding ratio to be within the targeted range of 90 per cent – 120 per cent. The calculation of the funding ratio is dependent upon the completion of the actuarial valuation and the funding ratio will also reflect changes in investment markets, inflation and discount rates. Work on the valuation of the scheme's outstanding claims liability at 30 June 2022 is underway as part of the standard cycle of actuarial valuations that occur each year.

ReturnToWorkSA estimate that had the original bill passed it would have been in a position to hold premiums at around the current 1.80 per cent. It was also estimated at the time that the original Bill would have delivered a funding ratio of approximately 95 per cent.

The government's efforts to keep premiums below 2 per cent contrast with the former Liberal Government's approach, which was to do nothing in response to the cost pressures created by the Summerfield decision.