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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-10-30 Daily Xml
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Question Time

WORKCOVER CORPORATION ANNUAL REPORT

Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (14:21): My question is to the Minister for Industrial Relations. Why has the 2008 WorkCover annual report, which he has just tabled, been qualified by the auditors KPMG? In the 2008 WorkCover annual report, auditor KPMG has qualified its opinion and stated as follows:

There are significant uncertainties relating to the estimate of the provision for outstanding claims, as demonstrated by the recent changes to the Scheme, a history of deterioration of the Scheme's liabilities over the three years to 30 June 2007 and the exposure to claims for asbestos related injuries within the Statutory Fund...In future years the actual cost of claims described in notes...are greater than the balances recorded in the financial statements, this will adversely impact on the Funding Ratio described in note 28 as the Average Levy Rate. The Board of WorkCover will need to take this matter into account when setting the Average Levy Rate in future years.

The Hon. P. CAICA (Colton—Minister for Industrial Relations, Minister for Employment, Training and Further Education, Minister for Science and Information Economy, Minister for Youth, Minister for Volunteers) (14:22): I thank the leader for his question, and I think that he did an admirable job of answering the question himself. I am sure the WorkCover Board will certainly take notice of the advice of the auditor.

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