WorkCover Tasmania Board Annual Report 2015-16 › __data › assets › pdf_file › ... · Tasmania’s workers compensation scheme and asbestos . compensation scheme. This year,

WorkCover Tasmania BoardAnnual Report

2015-16

WorkCoverTasmania Board

Annual Report

2015–16 Published October 2016

ISBN 978 1 876712 08 2

We welcome your feedback on this report. Send to: [email protected]

WorkCover Tasmania Board

PO Box 56

Rosny Park

Tasmania 7018

WorkCover Tasmania Board Annual Report 2015-16 3

The Hon. Guy Barnett MP

WorkCover Tasmania Board Annual Report for 2015–2016

I am pleased to submit the WorkCover Tasmania Board’s Annual Report 2015–16 to you, for presentation to Parliament. The financial statements presented here have been prepared in accordance with the provisions of the Financial Management and Audit Act 1990.

Simon Overland

Chair, WorkCover Tasmania Board

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Contents

WorkCover Tasmania Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Risk profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Relationship with WorkSafe Tasmania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Board Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Governance and Audit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Legislative Review Advisory Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Attendance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Rehabilitation and Compensation Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Work Health and Safety Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Board functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Scheme regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Scheme analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Asbestos compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Strategic Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Reporting against the Strategic Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Strategic Objective 1: Focusing on High Risk Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Strategic Objective 2: Targeting high consequence activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Strategic Priority 3: Being a Responsive Regulator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Strategic Priority 4: Engaging with the Community . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Strategic Priority 5: Ensuring compensation schemes are fair and sustainable. . . . . . . . . . . . . . . 26


Contents

Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Grants and sponsorships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Requests for Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Scheme Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

WorkCover Tasmania Scheme Performance Report 2015-16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Premiums Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Workers Compensation Fund Levy as a Percentage of Premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Workers Compensation Scheme Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Independent Auditors Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

WorkCover Tasmania Board Financial Statements 2015-16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

WorkCover Tasmania Board

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About the Board

Overview The WorkCover Tasmania Board works with employers, workers, licensed and self-insurers, doctors and others to reduce work-related injury and illness in Tasmania, and aid the early return to work of injured workers. To achieve this it:

> promotes prompt and effective injury management

> promotes safer and healthier workplaces, through providing health and safety information and practical guidance

> manages Tasmania’s workers compensation scheme and monitors the performance of scheme participants.

The Board provides advice to the Minister for Building and Construction on work health and safety, and workers rehabilitation and compensation matters.

For details, see ‘Board Functions’ in this report.

Functions The Board’s functions and responsibilities are set out in:

> Part II of the Workers Rehabilitation and Compensation Act 1988

> Part 2 of the Work Health and Safety Act 2012

> Part 16 of the Asbestos Related Diseases Compensation (Occupational Exposure) Act 2011.

For details, see ‘Board Functions’ in this report.

Risk profile Risk management is seen by the Board as an important opportunity to define key risks within Tasmania’s workers compensation scheme and the Board’s management of the scheme; and to minimise any negative consequences from those risks, align accountability for managing risks, and ensure consistency between risk management strategies and controls.

The Governance and Audit Committee has a three-year internal audit plan which categorises risks as scheme management, work health and safety, Board operation, strategy and governance, and effective monitoring and reporting.

Relationship with WorkSafe Tasmania There is a strong relationship between the Department of Justice and the WorkCover Tasmania Board, with the Secretary of the Department filling the position of Chair of the Board.

A function of the Board is to monitor and review how WorkSafe Tasmania exercises its powers and performs its functions under the workers rehabilitation and compensation legislation and the work health and safety legislation.

Additionally, WorkSafe Tasmania staff implement the decisions of the Board and help the Board fulfil its functions in workers compensation, injury management and work health and safety. WorkSafe Tasmania informs the Board of emerging issues and developments in other jurisdictions to ensure Tasmania maintains fair and contemporary legislation.

For details of WorkSafe Tasmania’s activities, see the Department of Justice annual report at www. justice.tas.gov.au


About the Board

MembershipChair, Simon Overland, Secretary of the Department of Justice, appointed ex-officio pursuant to Section 9(1)(a) of the Act.

Paul Arnold, appointed pursuant to Section 9(1)(b) of the Act from a list of three names submitted by the Tasmanian Chamber of Commerce and Industry Ltd.

Richard Lowrie, appointed pursuant to Section 9(1)(b) of the Act from a list of three names submitted by the Tasmanian Chamber of Commerce and Industry Ltd.

Peter Tullgren, appointed pursuant to Section 9(1)(c) of the Act from a list of three names submitted by Unions Tasmania.

Steve Walsh, appointed pursuant to Section 9(1)(c) of the Act from a list of three names submitted by Unions Tasmania.

Leigh Mackey, an Australian lawyer with experience in workers rehabilitation and compensation matters, appointed pursuant to Section 9(1)(d) of the Act.

Peter Donaldson, a person with extensive experience in the workers’ compensation insurance business, appointed pursuant to section 9(1)(e) of the Act.

Robert Walters, a medical practitioner, appointed pursuant to Section 9(1)(f) of the Act.

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Board CommitteesThe Board has the power to establish committees to advise it of any aspect of its functions; these committees are:

> Governance and Audit Committee

> Legislative Review Committee

> Rehabilitation and Compensation Committee

> Work Health and Safety Committee.

Governance and Audit Committee Goal: To monitor and provide advice to the Board on matters relating to governance, audit and risk management.

This year, the Committee reviewed the:

> Board’s annual financial statements

> Board’s financial procedures

> Board’s financial expenditure

> Board’s common seal usage

> Asbestos Compensation Commission Common Seal usage

> Board’s risk profile

> Asbestos Compensation Scheme audit

> Board’s operation, strategy and governance internal audit report.

Membership Richard Lowrie (Chair), Leigh Mackey, Steve Walsh

The committee met six times this year.

Legislative Review Advisory Committee Goal: To advise the Board on the legislative and legal aspects of the Board’s roles and functions.

Membership Leigh Mackey (Chair), Peter Tullgren, Peter Donaldson. Advisors: Greg Mathews, Stephen Carey, Colin MacKenzie, Sandra Taglieri, Mathew Wilkins

The committee did not meet this year.

About the Board

Attendance

Jul 15 Aug 15 Sept 15 Oct 15 Dec 15 Feb 16 Mar 16 May 16

S Overland 3 3 3 3 3 3 3 3

P Arnold 3 3 3 7 3 3 7 3

R Lowrie 3 3 3 3 3 3 3 3

P Tullgren 3 3 3 3 3 3 3 3

S Walsh 3 3 7 3 3 3 3 3

L Mackey 3 7 3 3 3 3 7 3

P Donaldson N/A 3 3 3 3 3 3 3

R Walters 3 3 3 3 3 3 3 3


About the Board

Rehabilitation and Compensation Committee Goal: To monitor and provide advice to the Board on matters relating to the efficient and effective operation of Tasmania’s workers compensation scheme and asbestos compensation scheme.

This year, the Committee:

> continued work on a mental injury model for workers compensation

> oversaw the Board projects of the Medical Advisory and Mentoring Service, Fair and Sustainable Compensation, Electronic Claim and Medical Certificate Forms and WorkSafe Information Management System

> oversaw the application of the Nationally Consistent Approval Framework for workplace rehabilitation providers

> reviewed the injury management coordinator training course

> monitored the performance of workplace rehabilitation providers and injury management coordinators

> developed the Interstate Claims Management Policy (Licensed and Self-Insurers).

Membership Peter Tullgren (Chair), Leigh Mackey, Peter Donaldson. Advisors: Angela Kerrison–Smith, Jennie Cox, Anne–Marie Dean

The committee met five times this year.

Work Health and Safety Committee Goal: To monitor and provide advice to the Board on matters relating to Tasmania’s work health and safety performance and opportunities for work health and safety improvement.

This year, the committee oversaw:

> the ongoing development of the workplace bullying prevention strategy

> the enhancement of Better Work Tasmania

> the development of the WorkSafe Tasmania Awards for October 2016, recognising 21 years of the Awards

> the continuation of the WorkSafe Tasmania Month for October 2016

> the Board projects of the Fatigue Reduction Technologies for the Transport Sector, Work Health and Safety Community Awareness Campaign, Review of Coronial Findings, Safe Farming Tasmania, Agricultural Show Rides Compliance, Priority Industry Intervention.

The Committee also monitored national activities, developments and emerging issues in work health and safety.

Membership Rob Walters (Chair), Paul Arnold, Steve Walsh

The committee met five times this year.

Board functions

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Board functions

The Board oversees the operation of Tasmania’s workers compensation scheme, reviews the incidence and cost of workplace injuries, and provides advice to the Minister for Building and Construction on the effectiveness of the scheme and associated legislation.

Scheme regulation The Board establishes implements and monitors the standards required of participants in Tasmania’s workers compensation scheme that the Board has direct control of: licensed and self-insurers, accredited medical practitioners, and workplace rehabilitation providers.

Medical practitioners Medical practitioners who wish to issue workers compensation medical certificates must be accredited by the Board. The Board also accredits medical practitioners to assess permanent impairment.

There were 1,179 medical practitioners accredited to issue workers compensation medical certificates, and 436 medical practitioners accredited to assess permanent impairment. To see these (by region), go to www.workcover.tas.gov.au and search for ‘medical provider’.

Workplace rehabilitation providers The Board accredits workplace rehabilitation providers to deliver workplace rehabilitation services in Tasmania. To be approved for accreditation, applicants must demonstrate they meet the requirements of the Heads of Workers Compensation Authorities’ Nationally Consistent Framework for Rehabilitation Providers.

There are 52 accredited workplace rehabilitation providers as at 30 June 2016. To see these, go to www.workcover.tas.gov.au and search for ‘rehab providers’.

InsurersThe Board licenses insurers to cover employers for workers compensation claims made by their workers; and grants permits to employers to self-insure against workers compensation claims made by their workers.

Licensed insurers as at 30 June 2016 Allianz Australia Insurance Limited

Catholic Church Insurances Limited

AAI Limited

Guild Insurance Limited

Insurance Australia Limited (trading as CGU Workers Compensation)

QBE Insurance (Australia) Limited

Zurich Australian Insurance Limited

Self-insurers as at 30 June 2016 Australia and New Zealand Banking Group Limited

Coles Group Limited

Forestry Tasmania

Inghams Enterprises Pty Limited

Nyrstar Hobart Pty Ltd

MMG Australia Limited

Mondelez Australia Pty Ltd

South32 (formally TECMO)

Westpac Banking Corporation

Woolworths Limited


Board functions

Approved injury management programs The Board approves the injury management programs of employers, licensed insurers and self-insurers. There are 32 approved programs as at 30 June 2016.

AAI Limited

Allianz Australia Insurance Limited

Australia and New Zealand Banking Group Limited

Catholic Church Insurances Limited

Coles Group Limited

Department of Education

Department of Health and Human Services

Department of Justice

Department of Police and Emergency Management

Department of Premier and Cabinet

Department of Primary Industries, Parks, Water and Environment

Department of State Growth

Department of Treasury and Finance

Forestry Tasmania

Guild Insurance Limited

Inghams Enterprises Pty Limited

Insurance Australia Limited trading as CGU Workers Compensation

Integrity Commission

MMG Australia Limited

Mondelez Australia Pty Ltd

Nyrstar Hobart Pty Ltd

Office of the Governor

Port Arthur Historic Site Management Authority

QBE Insurance (Australia) Limited

South32 (formally TECMO)

Tasmanian Audit Office

Tasmanian Dairy Industry Authority

TasTAFE

Tourism Tasmania

Westpac Banking Corporation

Woolworths Limited

Zurich Australian Insurance Limited

Scheme analysis The Board monitors, analyses and evaluates the performance of Tasmania’s workers compensation scheme; and identifies emerging trends and problem areas.

The Board’s actuary provided reports including the Suggested Industry Premium Rates 2015–16 Report, Scheme Review, Notional Premiums and the Premium Industry Analysis Report.

It reviewed specific sections of the Workers Rehabilitation and Compensation Act 1988 where the legislation required a review to be done.

The Board’s actuary also analyses data from the Nominal Insurer. The Board meets periodically with the Secretary of the Nominal Insurer Board to review operations and receive written reports.

This year 7,481 new claims were reported and Tasmania’s workers compensation scheme made $153 million in payments. The performance of the scheme is reported later in this annual report.

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Board functions

Asbestos compensation The Board has responsibilities under the Asbestos-Related Diseases (Occupational Exposure) Compensation Act 2011, including:

Monitoring and reporting on the operation and effectiveness of this Act and on the performance of systems The Board receives periodic performance reports detailing the operation and effectiveness of the asbestos compensation scheme, plus other qualitative information.

Collecting and publishing statistics The Board determined that the Asbestos Compensation Commissioner will undertake this activity on the Board’s behalf.

Work is progressing to integrate asbestos data into WorkSafe’s information management system. This work was completed in late June 2016. This provided a more streamlined claim management process, managed through a dedicated user interface within the system; and regular migration of all payment transactions made to accepted claimants from the Department of Justice’s finance systems.

Advising the Minister The Minister approved a reviewer to perform the systems review of the Asbestos-Related Diseases (Occupational Exposure) Compensation Act 2011. The Minister asked the Board to oversee this review to ensure it satisfies the approved terms of reference for the scheme.

Annual Review of the scheme The Board’s actuary conducted the annual review of the operation of the asbestos compensation scheme.

The Board’s actuary was appointed to conduct an Asbestos Compensation Fund Actuarial Valuation Report up to 30 June 2016.

The following table is an extract of the key Tasmania Asbestos Compensation Fund claim metrics in 2013, 2014, 2015; and projections for the upcoming year.


Board functions

Asbestos Compensation Fund Report Card

2014/15 Actual

2015/16 Actual

2015/16 Expected

2016/17 Projected

Number of new claims accepted by the Fund

Mesothelioma 5 4 8 7.5

Lung cancer + other fatal conditions 3 2 2 3.0

Non-fatal > 10% Whole Person Impairment (WPI) 2 3 5 4.5

Sub-Total 10 9 15 15.0

Number of new reports not yet accepted by the Fund

Non-fatal < 10% Whole Person Impairment (WPI) 3 0 n/a n/a

Incomplete claim 1 1 n/a n/a

Sub-Total 4 1 n/a n/a

Number of new reports not entitled to compensation 3 4 n/a n/a

Total 17 14 n/a n/a

Claim payments ($000)

Lump Sums 4,893 2,351 5,990 5,450

Medicals1 370 207 1,733 703

Other2 84 66 112 348

Total 5,347 2,624 7,835 6,501

Claims Handling Expenses ($000) 257 268 294 244

For further details of the operation of the asbestos related diseases compensation scheme, see the Asbestos Compensation Commissioner’s annual report at www.justice.tas.gov.au

Strategic Objectives

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Reporting against the Strategic Plan

The WorkSafe Tasmania Strategic Plan 2013–18 sets out tangible goals to achieve safer and healthier workplaces, work with the community to make workplace safety an important issue, and ensure our compensation schemes are fair and sustainable. It details strategies, related objectives, measures, key performance indicators and targets for 2013 to 2018.

Following are 2015-16 highlights of the Board and WorkSafe’s activity against the Strategic Plan.

To see the Strategic Plan, go to www.worksafe.tas.gov.au


Reporting against the Strategic Plan

Strategic Objective 1: Focusing on High Risk Industries

Focusing on targeted industries to reduce the number of workplace deaths, injuries and disease

Across Tasmania, there is significant diversity in the type of work people do and the industries they work in. Consequently there is a great variety in the kinds of health and safety risks that workers face; and the type and frequency rates of work-related injuries and illnesses. This strategic objective seeks to focus on the industries that pose the highest risk.

The following WorkSafe projects support this objective:

Workplace Bullying Awareness and Prevention InitiativeThis project will deliver an awareness and prevention media campaign to address bullying in Tasmanian workplaces.

Project Status: Ongoing. This is scheduled for completion in December 2016.

Review of Australian Coronial Findings into Workplace DeathsThis project will use the valuable insights from Coroners’ recommendations about workplace deaths over the last 10 years to improve work health and safety.

Project Status: Ongoing. This is scheduled for completion in December 2016.

Fatigue Reduction for the Transport SectorThis project aims to improve safety and productivity in the forest industry and transport sector through an innovative

system that integrates heavy fatigue management regulations, transport scheduling requirements and driver rostering principles. This work is facilitated by a grant from the Board to the University of Tasmania.

Project Status: This project concludes in October 2016.

Manual Handling in the Health and Community Services SectorThis project targets organisations in the health and community services sector with high manual handling claims experience, and provides information and education on how to avoid body stressing injuries.

Project Status: Ongoing.

Alcohol and other Drug Education/PreventionThis project delivered education and counselling programs to workers in the building, construction and allied industries to reduce the harm associated with alcohol and other drug use. This work is facilitated by a grant from the Board to Incolink.

Project Status: Completed.

Priority Industry Intervention ProgramThis project provides a structured approach for WorkSafe to interact with business in the priority industries of construction, retail and manufacturing.

Project Status: Ongoing.

SP1: Focusing on high risk industries

Measure Indicator Strategic Plan 2018 Target Baseline 2015-16 Actual

Lost time injury frequency rates (per million hours worked) by industry

Reduced Lost Time Injury rate of targeted industry groups 15% reduction

11.9 Manufacturing 8.6

10.0 Construction 10.3

5.9 Retail 6.0

16.4 Health 14.4

Serious injury frequency rate (claims with 1 or more weeks lost time per million hours worked) by industry

Reduced serious injury frequency rate of targeted industry groups 15% reduction

10.3 Manufacturing 7.9

8.5 Construction 9.4

4.7 Retail 4.8

13.7 Health 12.3

5 year rolling average for the number of work related deaths in high risk industries

Reduced number of work related deaths 20% reduction 1.4 (2013/14) 1.6

All baseline figures are for the period 2013–14 unless otherwise specified and are calculated based on ANZSIC 2006 groupings

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Strategic objectives

Strategic Objective 2: Targeting high consequence activities

Focusing on targeted industries and activities with high consequence incidents

There are a variety of activities and industries in Tasmanian workplaces where there is potential for serious consequences if things go wrong. These areas do not normally manifest themselves in high workers compensation or other incident statistics but require vigilance by the Regulator to ensure that the risks are appropriately managed.


Amusement Devices at Agricultural ShowsThis annual project ensures carnival rides, amusement devices and food vans at agricultural shows comply with the laws; and are safe for show patrons and the workers setting up and dismantling the equipment.

Project Status: Completed

Review of Mine Safety LawsThis project will review the mine safety laws in Tasmania. The new laws will reflect best practice and provide mine workers with the best protection, without introducing unnecessary red tape.

Project Status: Ongoing

Safe Farming Tasmania ProgramThis project aims to reduce farm-work related death, injury and disease and improve the safety of workers in the farming industry. This project is conducted in partnership with Department of Primary Industries, Parks, Water and the Environment.

Project Status: Ongoing. This is scheduled for completion in 2017.

SP2: Targeting high consequence activities

Measure Indicator Strategic Plan 2018 Target Baseline¹ 2015-16 Actual

Severe injury frequency rate (claims with 12 or more weeks lost time per million hours worked) by industry

Reduced severe injury frequency rate of targeted industry groups 15% reduction

2.6 Mining 2.1

1.34 Agriculture, Forestry and Fishing

1.4

5 year rolling average for the number of work related deaths in high consequence industries

Reduced number of work related deaths 20% reduction 0.8 (2013/14) 1.4



Strategic Priority 3: Being a Responsive Regulator

Ensuring that as a regulator, both the WorkCover Tasmania Board and WorkSafe Tasmania respond consistently, constructively, transparently, accountably, proportionately and in a timely manner

The Board and WorkSafe have regulatory functions that need to be exercised appropriately. The way we exercise our regulatory functions is critical to being an effective Regulator. Improved work health and safety performance is more likely when there is good communication between the Regulator and its stakeholders. The Board and WorkSafe’s stakeholders include:

> persons conducting a business or undertaking

> workers

> health and safety representatives

> workers compensation insurers and self-insurers

> doctors accredited to issue workers compensation medical certificates

> service providers such as rehabilitation providers and injury management coordinators.


Amendment to the Transport of Dangerous Goods LawsThis project will remove anomalies between the laws for transporting dangerous goods that become apparent when these goods are moved in and out of Tasmania.


Review and Finalisation of the Construction Industry (Long Service) Amendment BillThis project will improve the long service scheme for workers in the construction industry.


Review of Fireworks Safety LawsThis project will review the laws for fireworks, including public consultation and review of other states’ laws, to develop recommendations for amendments.


Review of Anzac Day Trading Exemption (the Shop Trading Hours Act 1984)This project will conduct stakeholder consultation to develop an approach to Anzac Day trading that reduces red tape and appropriately balances community and business needs.

It was decided to transfer the Anzac Day shop trading provisions to the Anzac Day Observance Act 1929. The administration of this legislation will reside with the Department of Premier and Cabinet.

Project status: Completed

SP3: Being a responsive regulator – WorkSafe Tasmania

Measure Indicator Strategic Plan 2018 Target

Baseline 2015-16 Actual

Stakeholders report that the regulator is consistent, responsive and impartial in its approach

Percentage of stakeholders that report the regulator is consistent, responsive and impartial in it approach

90% 56% Consistent45% Impartial

Consistent 65%Responsive 74%Impartial 67%

Stakeholders report that the regulator is transparent, accountable, proportionate and timely

Percentage of stakeholders that report the regulator is transparent, accountable, proportionate and timely in its approach

90% New Measures (2015-16)Transparent 85%Accountable 79%Proportionate 74%Timely 89%

Regulator decisions are affirmed Percentage of regulator decisions that are affirmed

98% 98.7% 100%

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SP3: Being a responsive regulator – WorkSafe Tasmania

Legislation is up to date and contemporary

Length of time since legislation reviewed

No more than 5 years since last review

Model Work Health and Safety Laws on which the Work Health and Safety Act 2012 is based was reviewed nationally in 2014-15Red tape reduction review of the Workers Rehabilitation and Compensation Act 1988 occurring in 2016-17Terms of reference being drafted for the 2016-17 review of the Asbestos-Related Diseases (Occupational Exposure) Compensation Act 2011

Stakeholders report that the regulator is consistent and impartial in its approach

Percentage of stakeholders that report the regulator is consistent and impartial in its approach

90% 53% Consistency46% Impartiality

Data not available

Insurers, self-insurers and service providers comply with the appropriate standards

Percentage of insurers, self-insurers and service providers that comply with the appropriate standards

98% N/A Insurers 76%

Workplace Rehabilitation Providers 84%

Workers compensation claimants who report that the process was open and honest

Percentage of workers compensation claimants that report that the process was open and honest

85% 79% (2013) 86%



Strategic Priority 4: Engaging with the Community

Influencing the community’s attitudes and values towards work health and safety to empower a change to positive behaviours

Engaging, educating and raising awareness within the community can change attitudes and behaviours that may contribute to unsafe and unhealthy work practices. Positively changing these attitudes and behaviours may change environments and develop safer and healthier workplaces.

The following WorkSafe projects support this objective:WorkSafe Tasmania Month 2015

This annual program increases awareness and understanding of work health and safety through seminars, workshops, online presentations and other events.

Project Status: CompletedWorkSafe Tasmania Awards 2015

This annual program recognises excellence in work health and safety by organisations and individuals. The Awards have been running since 1995.

Project Status: CompletedTasmanian Chamber of Commerce and Industry (TCCI) Work Health and Safety Advisory Service

This 3 year project is conducted by the TCCI and is facilitated by a grant from the Board. It uses the TCCI’s connections and resources to improve work health and safety.

Project Status: Ongoing, extended to June 2017.Better Work Tasmania

This project takes an innovative approach to supporting and improving workplace health and safety, with initiatives including networking events, mentoring and peer support, and an online virtual meeting place.

Project Status: OngoingWorkSafe Tasmania Information and Advisory Service

> This Service primarily targets small to medium-size businesses and provides free, practical support and resources. During the year :

> the Health and Safety Advisory Service conducted over 440 information presentations, visits and other consultations.

> the Health and Wellbeing Advisors supported over 1,000 businesses to develop sustainable wellbeing programs. The Health and Wellbeing Advisory Service concluded on 30 June 2016.

SP4: Engaging with the community

Measure Indicator Strategic Plan 2018 Target Baseline 2015-16 Actual

Community awareness of work health and safety

Community’s work health and safety awareness rate 90%

84.9% (2013-14)

83.5%

Community understanding of work health and safety

Increase in the community’s understanding of work health and safety

10% increase on the baseline

81.3% (2013-14)

79.2%

Community engagement for work health and safety

Increase in the community’s engagement with work health and safety

10% increase on the baseline

66.8% (2013-14)

73.2%

26


Strategic Priority 5: Ensuring compensation schemes are fair and sustainable

Ensuring that compensation schemes are fair, affordable, sustainable and administratively effective and efficient

The Board is assisted by WorkSafe in fulfilling its legislative responsibilities to administer, monitor and report on the Tasmanian workers rehabilitation and compensation scheme. WorkSafe Tasmania also provides support to the Asbestos Compensation Commissioner, who is responsible for the administration of the asbestos compensation scheme. The asbestos compensation scheme is monitored and reported on by the Board.


Electronic Claim and Medical Certificates FormThis project will develop electronic workers compensation claim forms and workers compensation medical certificates, to improve the efficiency of the workers compensation scheme and in turn improve return to work outcomes for injured workers.


Fair and Sustainable Levels of CompensationThis project will develop a model to ensure the workers compensation scheme remains sustainable and affordable; and when workers are injured, fair and appropriate compensation is paid.


Implementation of the National Injury Insurance SchemeThis project will identify a mechanism for transferring the management of those with catastrophic injuries in Tasmania’s workers compensation scheme to the National

Injury Insurance Scheme.


Medical Mentoring and Advisory ServiceThis trial project provides peer support to doctors dealing with workers compensation patients and aims to improve return to work outcomes for those injured workers.

Project Status: Ongoing. This trial will conclude in December 2016.

Red Tape ReductionThis project identified red tape and unnecessary regulation in the scheme. Following extensive consultation with scheme participants, the Board was able to provide advice to the Minister on proposed changes.


WorkSafe Information Management System StrategyThis project developed a strategy to ensure all future enhancements to the system align with the strategic focus of WorkSafe and the Board

Project Status: Completed

Worker AssistWorker Assist provides legal, financial and return to work advice and support to injured workers. It is facilitated by a grant from the Board.

Project Status: Ongoing, extended to June 2017.



SP5: Ensuring compensation schemes are fair and sustainable

Measure Indicator Strategic Plan 2018 Target

Baseline 2015-16 Actual

Key scheme indicators operate within sustainable ranges

Key scheme indicators do not exceed agreed sustainable ranges

95% 86% 86%

Average premium rate paid by employers

Average premium rate as a % of wages

1.75% - 2.25% 1.83% (2012-13)

1.64%

Workers compensation claimants that believe the system treated them fairly

Percentage of workers compensation claimants that believe the system treated them fairly

80% 79% (2013)

80%

Percentage of compensation that is paid to workers (workers compensation scheme)

Percentage of scheme payments that directly benefit workers

45% 44.7% (2011-12)

Data not available

Claims processed within specified timelines (asbestos compensation scheme)

Legislative timelines satisfied 95% N/A 100%

Return to work rates (workers compensation scheme)

Return to work (RTW) rates and durable return to work (DRTW) rates

95% 86% Return to work76% Durable return to work

RTW 92%

DRTW 86%

Appendices

30

Appendices

ContractsInformation required under the Financial Management and Audit Act 1990 for contracts awarded in the 2015–16 year.

Summary of Participation by Local Business (for contracts, tenders and/or quotation processes with a value of $50 000 or over, ex GST)

Total number of contracts awarded 1

Total number of contracts awarded to Tasmanian businesses NIL

Value of contracts awarded $734,000

Value of contracts awarded to Tasmanian businesses NIL

Total number of tenders called and/or quotation processes run 1

Total number of bids and/or written quotations received 5

Total number of bids and/or written quotations received from Tasmanian businesses NIL

Contracts with a value of $50 000 or over (ex GST) and excluding consultancy contracts

Name of contractor Location of contractor Description of contract Period of contract Total value of contract $

Price Waterhouse Coopers Sydney/New South Wales Actuarial Services

1 January 2016 to 31 December 2018 $734,000

Grants and sponsorshipsThere were no new grants or sponsorships awarded in 2015–16.


Appendices

Requests for Information Requests for information are administered by the Department of Justice’s Communications and Executive Support team. This year, 138 requests were received relating to workers compensation.

Two requests were received that required assessment as an Assessed Disclosure under the Right to Information Act 2009.

The remaining 136 requests were released as active disclosures after the provision of an authority by the applicants where required.

Number and source of requestsCentrelink 1

Other jurisdictions 1

Solicitors/clients 26

Insurer 7

Individuals 101

Other -

Employer 2

Total 138

Decision time (days)1–20 working days 138

20 or more -

Type of request Claims history/insurer details 126

Other 12

Request addressed toDept Justice RTI officers 109

WorkCover Tas/info 11

wstinfo@justice/Helpline 9

WorkSafe 9

Fees and charges (inc GST)Total charged $1,073.00 (29x$37)

No charge 109 requests

No charge reasonsCentrelink – Social Security Act 1

No information 8

Routine request 2

Personal information 98

General public interest -

Impecunious applicant -

Member of Parliament -

Scheme Performance

34

WorkCover Tasmania Scheme Performance Report 2015-16

IntroductionThe Scheme Performance Report 2015-16 is a statistical report providing details of the performance of various aspects of the Workers’ Compensation Scheme.

It consists of three report components that cover premiums, claims and return to work performance.

The assessed performance of the scheme detailed in the report card is calculated actuarially. The actuarial projections for the 2015-16 year were calculated by Finity Consulting in the Scheme Review 2014-15 report and are based on June 2016 values. The remaining metrics were calculated by Pricewaterhouse Coopers Consulting Australia Pty Limited in the Scheme Review 2015-16 report, all values are original values.

DataThe data used in the preparation of this report is as at 24 August 2016 and provides relative information for the 2015-16 financial year unless otherwise stated. It is important to note that workers compensation data matures over time as claims progress. This results in dynamic costs and claim numbers; therefore if data extractions occur at different times, slight variation in numbers may result.

The data comes from the WorkSafe Information Management System. Whilst every effort is taken to ensure the accuracy of this report, all data is provided by Licensed and Self Insurers and the Tasmanian State Service. WorkSafe Tasmania cannot ensure the accuracy of the data.



Premiums Report

IntroductionThe Tasmanian workers’ compensation scheme is a privately underwritten scheme, operation on a no-fault basis under the Workers Rehabilitation and Compensation Act 1988.

Under the Act, employers are required to take out a workers compensation insurance policy with a licensed insurer. A licensed insurer is licensed by the WorkCover Tasmania Board to insurer Tasmanian employer’s workers compensation liabilities. Alternatively employers may apply to the Board to be granted a permit to self-insure their workers compensation liabilities.

The Tasmanian Risk Management Fund (TRMF) was established in 1989 to meet the cost of workers’ compensation claims of employees of government agencies, and in effect operates as a self-insurer.

The Insurers Report Card provides a snapshot of key metrics for licensed insurers, self-insurers, and the Tasmanian State Service (TSS) for 2015-16.

Insurers Report Card

Insurer Type Number of InsurersNumber of claims

reported 2Claim

payments ($m)

Covered Wages 1

($m)Market

Share (%)Earned

Premium ($m)

Number of Policies Written

Licenced 7 5,836 112 8,149 75% 148 16,425

Self 10 294 6 448 5% na na

TSS 1 1,351 35 2,209 20% na na

Total 18 7,481 153 10,806 100% na na

1 Adjusted for the movement from estimated initial to final

2 Including below excess

36


Workers Compensation Fund Levy as a Percentage of PremiumEarned premiums of licensed insurers and the notional premiums of self-insurers and the TSS incur a levy, the monies from which are used to fund the WorkCover Tasmania Board’s activities and the administration of the Workers Rehabilitation and Compensation Act 1988 for the year.

The levy payable by insurers is determined by calculating the percentage that the expenditure of the Board bears to the Total Premium Income Pool and applying this percentage to the premium of each insurer. The amounts used for the Total Premium Income Pool and the premium of each insurer refer to the immediately preceding financial year.

The chart below shows the trend in workers compensation fund levy as a percentage of premiums over the previous five years.

Work Safe Tasmania Award Program

The most recent workers compensation fund levy approved is for the 2014-15 financial year and was set at 3.79% of premiums.

Workers Compensation Fund Levy as a Percentage of Premium over 5 years:

0%

1%

2%

3%

4%

5%

6%

2014/152013/142012/132011/122010/11

4.15%

4.90%4.62% 4.67%

3.79%



Written Premium Received $133.4m in written premiums have been collected in 2015-16. This is 3% less than the $137.4m in premiums for 2014-15. The written premium pool is 35% lower than the suggested premium pool of $180.0m.

Premiums Received for 2015-16 year

0

50m

100m

150m

200mMonthly

YTD

Prior YTD

Suggested

JunMayAprMarFebJanDecNovOctSepAugJul

Month Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Monthly $48.5m $7.4m $7.7m $11.1m $6.6m $6.0m $7.3m $6.3m $6.0m $8.4m $6.1m $11.9m

YTD $48.5m $56.0m $63.7m $74.8m $81.4m $87.4m $94.7m $101.0m $107.0m $115.4m $121.5m $133.4m

Prior YTD $40.2m $47.7m $56.0m $67.0m $73.2m $78.6m $86.0m $92.3m $100.7m $108.5m $116.7m $137.4m

Suggested $59.4m $84.6m $97.2m $108.0m $119.7m $126.0m $135.0m $144.0m $153.0m $163.8m $173.7m $180.0m

Written Premium Rate The written premium rate (1.76%) for 2015-16 is approximately 32% lower than the suggested rate of 2.33%

Written Premium Rate as a Percentage of Wages:

0%

1%

2%

3%

4%

2015

/201

6

2014

/201

5

2013

/201

4

2012

/201

3

2011

/201

2

2010

/201

1

2009

/201

0

2008

/200

9

2007

/200

8

2006

/200

7

2005

/200

6

2004

/200

5

2003

/200

4

2002

/200

3

2001

/200

2

2000

/200

1

3.29% 3.28%3.02%

2.64%2.34%

2.17%1.88%

1.72%1.49%

1.67% 1.71% 1.78%1.87% 1.95% 1.76%1.82%

38


Workers Compensation Scheme Metrics

Workers Compensation Scheme Report CardThe following table provides details of the claims experience in the 2015-16 year, compares it to the 2014-15 year, and the scheme actuary projections for the 2015-16 year.

A detailed review of the operation and performance of the Tasmanian workers compensation scheme to 30 June 2016 will be available on the WorkCover Tasmania website in late 2016.

Key Scheme Metrics

2014/15 Actual

2015-16 Expected

2015-16 Actual

2015-16 Actual-Exp

2016/17 Projected

Earned Wages ($m)

Insurer1 7,654.2 8,115.9 8,149.4 33.5 8,318.4

SelfInsurer 455.3 474.1 447.5 -26.6 455.2

TSS 2,119.5 2,212.7 2,209.0 -3.7 2,247.3

Scheme 10,229.0 10,802.7 10,805.9 3.2 11,021.0

Number of Claims Reported

All Claims

Insurer2 6,151 6,223 5,836 -387 5,966

SelfInsurer 324 329 294 -35 325

TSS 1,334 1,323 1,351 28 1,352

Scheme 7,809 7,875 7,481 -394 7,643

Above Excess

Insurer 5,463 5,631 5,402 -229 5,534

Total Claim Payments ($m)

Insurer 114.2 118.2 111.7 -6.5 129.1

SelfInsurer 5.5 6.1 6.4 0.3 5.3

TSS 37.7 37.2 34.9 -2.3 38.8

Scheme 157.3 161.5 153.0 -8.5 173.3

Weekly Benefits

Lost Time Claims Reported

Insurer2 2,518 2,685 2,670 -15 2,705

SelfInsurer 165 169 174 5 171

TSS 820 811 708 -103 803

Scheme 3,503 3,665 3,552 -113 3,678



2014/15 Actual

2015-16 Expected

2015-16 Actual

2015-16 Actual-Exp

2016/17 Projected

Weekly Benefit Payments ($m)

Insurer2 28.4 29.8 27.5 -2.3 29.8

SelfInsurer 1.4 1.4 1.4 0.0 1.4

TSS 18.3 18.4 15.2 -3.2 17.8

Scheme 48.1 49.6 44.1 -5.5 49.0

Lump Sum Benefits

Lump Sum Claims

Insurer 440 417 452 35 441

SelfInsurer 17 28 23 -5 16

TSS 46 61 64 3 54

Scheme 503 506 539 33 511

Lump Sum Benefit Payments ($m)

Insurer3 45.6 45.3 41.3 -4.0 55.9

SelfInsurer 1.2 2.1 1.8 -0.3 1.4

TSS 6.6 6.6 8.5 1.9 8.3

Scheme 53.5 54.0 51.5 -2.5 65.6

Medical & Related Benefit Payments ($m)

Insurer2 28.9 31.0 30.7 -0.3 31.1

SelfInsurer 2.1 2.0 2.5 0.5 1.9

TSS 12.2 11.5 9.6 -1.9 11.4

Scheme 43.2 44.5 42.7 -1.8 44.4

Legal & Investigation Payments ($m)

Insurer2 11.2 12.0 12.3 0.3 12.3

SelfInsurer 0.8 0.6 0.8 0.2 0.7

TSS 0.5 0.7 1.6 0.9 1.2

Scheme 12.5 13.3 14.7 1.4 14.2

Insurer Earned Premium Rate

1.93% 1.82%

Note: all payments are shown in original values in the above table. 1Adjusted for the movement from estimated initial to final2Including below excess3Projected Payments include the common law payments in July 2016

40


Claims ReportedThere were 7,481 new claims reported in 2015-16. This is 328 fewer claims than at the end of June 2015 (7,809). The number of claims reported to the end of June 2016 is 394 (5%) fewer than the scheme actuary projection of 7,875 reported claims for the 2015-16 year.

Reported Claims 2015-16 year

01000

2000

3000

4000

5000

6000

7000

8000

9000Monthly

YTD

Prior YTD

Projected



Monthly 685 634 657 607 613 598 466 610 629 641 703 638

YTD 685 1,319 1,976 2,583 3,196 3,794 4,260 4,870 5,499 6,140 6,843 7,481

Prior YTD 663 1,286 2,010 2,692 3,357 3,986 4,475 5,099 5,825 6,448 7,159 7,809

Projected 743 1,426 2,109 2,772 3,415 4,017 4,576 5,193 5,907 6,524 7,219 7,875



Claim PaymentsThere has been $153m in claims paid to the end of June 2016. This is 8.5% less than the scheme actuary projection ($161.5m).

The $153m paid to the end of June 2016 is 3% ($4.3m) less than for the same time in 2014-15 ($157.3m). The decrease in claim payments is largely due to a return to a more normal payment pattern after a significant increase in lump sum payments in the 2013-14 year.

Total Claim Payments 2015-16 year

020000

40000

60000

80000

100000

120000

140000

160000

180000Monthly

YTD

Prior YTD

Projected



Monthly $11.3m $16.0m $14.3m $12.5m $15.0m $13.9m $14.5m $9.8m $11.7m $12.5m $11.1m $10.4m

YTD $11.3m $27.3m $41.6m $54.1m $69.1m $83.0m $97.5m $107.3m $119.0m $131.5m $142.6m $153.0m

Prior YTD $15.1m $26.2m $40.2m $52.2m $66.8m $79.4m $90.6m $101.4m $115.8m $129.6m $141.4m $157.3m

Projected $13.4m $26.2m $39.8m $52.6m $67.0m $80.3m $91.8m $103.4m $117.9m $130.7m $145.3m $161.5m

Financial Statements

46

WorkCover Tasmania Board Financial Statements 2015-16

Statement of Certification

The accompanying financial statements of WorkCover Tasmania are in agreement with the relevant accounts and records and have been prepared in compliance with Treasurer’s Instructions issued under the provisions of the Financial Management and Audit Act 1990 to present fairly the financial transactions for the year ended 30 June 2016 and the financial position as at end of the year.

At the date of signing, we are not aware of any circumstances which would render the particulars included in the financial statements misleading or inaccurate.

Simon Overland Richard Lowrie

Chair, WorkCover Tasmania Board Member, WorkCover Tasmania BoardA/Chair, Governance and Audit Committee

12 August 2016 12 August 2016



Statement of Comprehensive Income for the year ended 30 June 2016

Notes2016

Actual $’000

2015 Actual

$’000

Continuing operations

Revenue and other income from transactions

Contributions 1.1 7 358 7 755

Interest 1.2 31 30

Other revenue 1.3 53 98

Total revenue and other income from transactions 7 442 7 883

Expenses from transactions

Attributed employee benefits 2.1 2 739 2 869

Amortisation 2.2 107 101

Supplies and consumables 2.3 1 063 1 241

Grants 2.4 807 702

Administration costs paid to Department of Justice 2.5 682 699

Expenses incurred by Workers Rehabilitation and Compensation Tribunal 2.6 1 387 1 440

Other expenses 2.7 657 831

Total expenses from transactions 7 442 7 883

Other economic flows included in net result - -

Net result - -

Comprehensive result - -

This Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

48


Statement of Financial Position as at 30 June 2016

Notes2016

Actual $’000

2015 Actual

$’000

Assets

Financial assets

Cash and deposits 7.1 2 806 1 948

Receivables 4.1 4 -

Non-financial assets

Intangible assets 4.3 812 890

Total assets 3 622 2 838

Liabilities

Payables 5.1 2 753 1 989

Attributed employee benefits 5.2 869 849

Total liabilities 3 622 2 838

Net assets - -

Equity

Accumulated funds - -

Total equity - -

This Statement of Financial Position should be read in conjunction with the accompanying notes.



Statement of Cash Flows for the year ended 30 June 2016

Notes2016

Actual $’000

2015 Actual

$’000

Cash flows from operating activities Inflows (Outflows)Inflows

(Outflows)

Cash inflows

Industry Contributions 8 197 9 052

Interest 31 30

Other cash receipts 53 98

Total cash inflows 8 281 9 180

Cash outflows

Attributed employee benefits (2 721) (2 804)

Supplies and consumables (1 045) (1 270)

Grants (847) (657)

Administration costs paid to Department of Justice (682) (699)

Expenses incurred by Workers Rehabilitation and Compensation Tribunal (1 387) (1 440)

Other cash payments (712) (887)

Total cash outflows (7 394) (7 757)

Net cash from (used by) operating activities 7.2 887 1 423

Cash flows from investing activities

Cash outflows

Payments for acquisition of non-financial assets (29) (88)

Total cash outflows (29) (88)

Net cash from (used by) investing activities (29) (88)

Net increase/(decrease) in cash held and cash equivalents 858 1 336

Cash and deposits at the beginning of the reporting period 1 948 612

Cash and deposits at the end of the reporting period 7.1 2 806 1 948

This Statement of Cash Flows should be read in conjunction with the accompanying notes.

50


Statement of Changes in Equity for the year ended 30 June 2016

NotesAccumulated

Fund $’000

Total equity $’000

Balance as at 1 July 2015 - -

Total comprehensive result - -

Total - -

Balance as at 30 June 2016 - -

NotesAccumulated

Fund $’000

Total equity $’000

Balance as at 1 July 2014 - -

Total comprehensive result - -

Total - -

Balance as at 30 June 2015 - -

This Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Further details on the calculation of equity are included in Note 1.1.



Note 1. Income from transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 21.1 Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 21.2 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 31.3 Other Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3

Note 2. Expenses from transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 32.1 Attributed Employee Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 32.2 Amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 42.3 Supplies and Consumables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 42.4 Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 42.5 Administration costs paid to Department of Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 42.6 Expenses incurred by Workers Rehabilitation and Compensation Tribunal . . . . . . . . . . . . . . . . . . . . . . . . . 5 52.7 Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5

Note 3. Other Economic Flows Included in Net Result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5

Note 4. Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 54.1 Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 54.2 Plant and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 64.3 Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6

Note 5. Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 75.1 Payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 75.2 Attributed Employee Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 75.3 Superannuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8

Note 6. Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 86.1 Schedule of Operating Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 86.2 Contingent Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 8

Note 7. Cash Flow Reconciliation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 97.1 Cash and Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 97.2 Reconciliation of Net Result to Net Cash from Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 9

Note 8. Financial Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 98.1 Risk Exposures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 98.2 Categories of Financial Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 28.3 Comparison between Carrying Amount and Net Fair Values of Financial Assets and Liabilities . . . . . . . 6 2

Note 9. Events Occurring After Balance Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3

Note 10. Board Members’ Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3

Note 11. Related Party Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5

Note 12. Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 512.1 Operations of the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 512.2 Statutory Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 612.3 Basis of Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 712.4 Functional and Presentation Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 712.5 Changes in Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 712.6 Comparative Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 912.7 Rounding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 912.8 Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 912.9 Goods and Services Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 9

Notes to and forming part of the Financial Statements for the year ended 30 June 2016

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Note 1. Income from transactionsIncome is recognised in the Statement of Comprehensive Income when an increase in future economic benefits related to an increase in an asset or a decrease of a liability has arisen that can be measured reliably.

1.1 ContributionsFunding of WorkCover Tasmania’s Operations

As soon as it is practicable in respect of each financial year, the Board is obliged to estimate the amount of money required for the payment or discharge of expenses, charges and obligations of the Board and to estimate the amounts to be received by the Board. A recommendation is then made to the Minister of the rate to be levied on the premiums of licensed insurers and the notional premiums of selfinsurers. The Minister sets the final levy rate each year based upon the Board’s financial position and estimated financial obligations for the upcoming year. Due to the levy being set each year the Board, based on arrangements agreed with the Department of Justice, should always have sufficient funds to perform its functions.

An advance contribution or levy payable by insurers is determined by calculating the percentage that the budget of the Board bears to the Total Premium Income Pool and applying this percentage to the premium of each insurer. The amounts used for the Total Premium Income Pool and the premium of each insurer refer to the immediately preceding financial year.

Subsequent to the end of the financial year, and once the expenses of the Board and the actual premiums of licensed insurers and the notional premiums of self-insurers are known, a final apportionment of the Board’s expenses for the year is made.

2015-16 Contributions Determination

Income for the financial year ending 30 June 2016 includes the final determination, under the terms of the Workers Rehabilitation and Compensation Act 1988, of contributions from Licensed Insurers and Self-Insurers for 2014-15.

As detailed the Board is funded by contributions from licensed insurers and self-insurers with the contributions based on an estimate of the amount of money required for the payment or discharge of expenses, charges and obligations of the Board. The Board does not accumulate surpluses, with the necessary adjustment made to Contributions revenue to reflect this. The adjustment is recognised as an accrual refund in Note 5.

2016 $’000

2015 $’000

Levies 8 196 8 375

Transfer to Accrual Refund for Contributions (838) (620)

Total 7 358 7 755



1.2 Interest Interest is earned on the trust account balance and is credited to revenue as it accrues using the effective interest method.

1.3 Other RevenueOther revenue represents proceeds from fines issued under the Work Health and Safety Act 2012 and Workers Rehabilitation and Compensation Act 1988, and other sundry sources of revenue. Revenue is recognised when the Board gains control of the funds.

2016 $’000

2015 $’000

Fees and fines 35 84

Other 18 14

Total 53 98

Note 2. Expenses from transactionsExpenses are recognised in the Statement of Comprehensive Income when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably.

2.1 Attributed Employee BenefitsAttributed employee benefits include, where applicable, entitlements to wages and salaries, annual leave, sick leave, long service leave, superannuation and any other post-employment benefits.

2016 $’000

2015 $’000

Wages and salaries 2 408 2 528

Superannuation – defined contribution scheme 187 159

Superannuation – defined benefit scheme 113 132

Other employee expenses 31 50

Total 2 739 2 869

• Superannuation expenses relating to defined benefits schemes relate to payments into the Consolidated Fund. The amount of the payment is based on an employer contribution rate determined by the Minister, on the advice of the State Actuary. The current employer contribution is 12.75 per cent (2015: 12.75 per cent) of salary.

• Superannuation expenses relating to defined contribution schemes are paid directly to the relevant superannuation fund at a rate of 9.5 per cent (2015: 9.5 per cent) of salary. In addition, the Board is required to pay to Treasury a “gap” payment equivalent to 3.25 per cent (2015: 3.25 per cent) of salary in respect of employees who are members of the contribution schemes.

54


2.2 AmortisationAll intangible assets having a limited useful life are systematically amortised over their useful lives reflecting the pattern in which the asset’s future economic benefits are expected to be consumed by the Board. Amortisation is provided for on a straight-line basis, using rates lives which are reviewed annually.

Major amortisation rates are:

Software 10 per cent

(a) Amortisation

2016 $’000

2015 $’000

Intangibles 107 101

Total 107 101

2.3 Supplies and Consumables2016 $’000

2015 $’000

External Audit Fees 4 6

Internal Audit Fees 36 16

Advertising and promotion 214 260

Operating lease costs 21 37

Communications 47 38

Consultancies 165 98

Information technology 261 323

Printing 83 62

Travel and transport 60 75

Personnel expenses 111 192

Plant and equipment 7 25

Other supplies and consumables 54 109

Total 1 063 1 241

The external audit fee for 2015-16 is $4,010 ($4,010 for 2014-15).

2.4 GrantsGrant expenditure is recognised to the extent that:

• the services required to be performed by the grantee have been performed; or

• the grant eligibility criteria have been satisfied.

A liability is recorded when the Board has a binding agreement to make the grants but services have not been performed or criteria satisfied. Where grant monies are paid in advance of performance or eligibility, a prepayment is recognised.

2.5 Administration costs paid to Department of JusticeThe Department of Justice provides administrative services to the Board. These services include corporate services (finance, human resources, information and communications technology, records and secretariat) in addition to accommodation related costs (including lease, power and cleaning).



2.6 Expenses incurred by Workers Rehabilitation and Compensation TribunalThe Workers Rehabilitation and Compensation Tribunal is funded from the Workers Rehabilitation and Compensation Fund and is a statutory entity under the Workers Rehabilitation and Compensation Act 1988 independent of the WorkCover Tasmania Board.

2.7 Other operating expensesOther expenses from ordinary activities are recognised when it is probable that the consumption or loss of future economic benefits resulting in a reduction in assets or an increase in liabilities has occurred and can be reliably measured.

2016 $’000

2015 $’000

Salary on-costs 58 57

Sponsorship Fees 90 165

Professional Services 318 203

Other operating expenses 191 406

Total 657 831

Note 3. Other Economic Flows Included in Net ResultOther economic flows measure the change in volume or value of assets or liabilities that do not result from transactions. The Board did not have any Other economic flows during 2015-16.

Note 4. AssetsAssets are recognised in the Statement of Financial Position when it is probable that the future economic benefits will flow to the Board and the asset has a cost or value that can be measured reliably.

4.1 ReceivablesReceivables are recognised at amortised cost. Impairment of receivables is reviewed on an annual basis. Impairment losses are recognised when there is objective evidence that there is a measurable decrease in the collectability of receivables. Due to the short settlement period, receivables are not discounted back to their present value.

2016 $’000

2015 $’000

Receivables 4 -

Total 4 -

Settled within 12 months 4 -

Total 4 -

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4.2 Plant and EquipmentThe asset capitalisation threshold adopted by the Board is $10,000. Assets acquired at a cost of less than $10,000 are charged to the Statement of Comprehensive Income in the year of purchase (other than where they form part of a group of similar items which are material in total).

As at 30 June 2016, the Board does not have any assets classified as plant and equipment.

4.3 Intangible AssetsAn intangible asset is recognised where:

• it is probable that an expected future benefit attributable to the asset will flow to the Board; and

• the cost of the asset can be reliably measured.

Intangible assets held by the Board are valued at cost less any accumulated amortisation and any accumulated impairment losses.

(a) Carrying amount

2016 $’000

2015 $’000

Intangibles with a finite useful life

Software at cost 1 060 1 060

Accumulated amortisation (308) (201)

752 859

Work in Progress (at Cost) 60 31

Total Intangible assets 812 890

(b) Reconciliation of movements

2016Intangible

Assets $’000

Total $’000

Carrying amount at 1 July 890 890

Net movement in Work in Progress 29 29

Amortisation expense (107) (107)

Carrying amount at 30 June 812 812

2015Intangible

Assets $’000

Total $’000

Carrying amount at 1 July 904 904

Additions 56 56

Net movement in Work in Progress 31 31

Amortisation expense (101) (101)

Carrying amount at 30 June 890 890



Note 5. LiabilitiesLiabilities are recognised in the Statement of Financial Position when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which the settlement will take place can be measured reliably.

5.1 Payables Payables, including goods received and services incurred but not yet invoiced, are recognised at amortised cost, which due to the short settlement period, equates to face value, when the Board becomes obliged to make future payments as a result of a purchase of assets or services.

2016 $’000

2015 $’000

Trade Payables 17 17

Accrued expenses 90 164

Accrual Refund for Contributions (Note 1.1) 2 646 1 808

Total 2 753 1 989

Settled within 12 months 2 753 1 989

Total 2 753 1 989

Settlement of trade payables is usually made within 30 days.

5.2 Attributed Employee BenefitsLiabilities for wages and salaries and annual leave are recognised when the employee becomes entitled to receive the benefit. Those liabilities expected to be realised within 12 months are measured as the amount expected to be paid. Other attributed employee benefits are measured as the present value of the benefit at 30 June, where the impact of discounting is material, and at the amount expected to be paid if discounting is not material. The Board makes the assumption that all staff annual leave balances less than 20 days will be settled within 12 months, and therefore valued at nominal value, and balances in excess of 20 days will be settled in greater than 12 months and therefore calculated at present value.

A liability for long service leave is recognised, and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. The Board makes a number of assumptions regarding the probability that staff who have accrued long service leave, but are ineligible to take it will remain with the Board long enough to take it. For those staff eligible to take their long service leave, the Board assumes that they will utilise it evenly over the following ten years. All long service leave that will be settled within 12 months is calculated at nominal value and all long service leave that will be settled in greater than 12 months is calculated at present value.

2016 $’000

2015 $’000

Accrued salaries 11 87

Annual leave 217 176

Long service leave 641 586

Total 869 849

Settled within 12 months 236 263

Settled in more than 12 months 633 586

Total 869 849

58


5.3 SuperannuationThe Board does not recognise a liability for the accruing superannuation benefits of the Boards’ employees. This liability is held centrally and is recognised within the Finance General Division of the Department of Treasury and Finance.

During the reporting period, the applicable percentage of salary in respect of contributory members of the Retirement Benefits Fund was paid to the Department of Treasury and Finance. The appropriate Superannuation Guarantee Charge was paid into the nominated superannuation fund in respect of non-contributors. Under these arrangements there is no further superannuation liability for the past service of employees.

Note 6. Commitments and Contingencies

6.1 Schedule of Operating Commitments2016 $’000

2015 $’000

By type

Lease Commitments

Operating leases 49 25

Total lease commitments 49 25

Other commitments

Sponsorship agreements - 110

Grants - 629

Other 734 143

Total other commitments 734 882

By maturity

Operating lease commitments

One year or less 20 23

From one to five years 29 2

Total operating lease commitments 49 25

Other commitments

One year or less 238 882

From one to five years 496 -

Total other commitments 734 882

Total 783 907

The Board lease commitments include motor vehicles and information technology equipment leases. All amounts are shown exclusive of GST. Other commitments relate to actuarial services over the life of the contract.

6.2 Contingent Assets and LiabilitiesContingent assets and liabilities are not recognised in the Statement of Financial Position due to uncertainty regarding the amount or timing of the underlying claim or obligation. The Board has no contingent assets or liabilities as at 30 June 2016.



Note 7. Cash Flow ReconciliationCash means notes, coins, any deposits held at call with a bank or financial institution, as well as funds held in the Special Deposits and Trust Fund held by the Department of Treasury and Finance. Deposits are recognised at amortised cost, being their face value.

7.1 Cash and DepositsCash and Deposits includes the balance of the Trust Account, held by the Board, and any other cash held. The Board processes all transactions through a Trust Account entitled T435 Workers’ Rehabilitation and Compensation Act 1988 Compensation Fund Account.

2016 $’000

2015 $’000

Special Deposits and Trust Fund balance

T435 - Workers’ Compensation Act 1988 Compensation Fund Account 2 806 1 948

Total cash and deposits 2 806 1 948

7.2 Reconciliation of Net Result to Net Cash from Operating Activities2016 $’000

2015 $’000

Net result - -

Amortisation 107 101

(Increase) Decrease in Receivables (4) 678

Increase (Decrease) in Refunds to Contributors Accrual (74) 620

Increase (decrease) in Creditors and Accrued Expenses 838 (42)

Increase (decrease) in Attributed employee Benefits 20 66

Net cash from (used by) operating activities 887 1 423

60


Note 8. Financial Instruments

8.1 Risk Exposures

(a) Risk management policies

The Board has exposure to the following risks from its use of financial instruments:

• credit risk;

• liquidity risk; and

• market risk.

The Board has overall responsibility for the establishment and oversight of its risk management framework. Risk management policies are established to identify and analyse risks faced by the Board, to set appropriate risk limits and controls, and to monitor risks and adherence to limits.

(b) Credit risk exposures

Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted. Exposure to credit risk is considered to be minimal.

Financial Instrument

Accounting and strategic policies (including recognition criteria and measurement basis)

Nature of underlying instrument (including significant terms and conditions affecting the amount. Timing and certainty of cash flows)

Financial Assets

Receivables Receivables are recognised at amortised cost, less any impairment losses, however, due to the short settlement period, receivables are not discounted back to their present value.

It is the Board’s policy to issue invoices with 30 day terms of trade.

Cash and deposits Deposits are recognised at amortised cost, being their face value.

Cash means notes, coins, any deposits held at call with a bank or financial institution, as well as funds held in the Special Deposits and Trust Fund.

The Board does not have any concentration of credit risk. The Board monitors receivables on a monthly basis and follow up procedures are undertaken for all debts that are overdue. Action taken is dependent on the length of time the debt is overdue.

The carrying amount of financial assets recorded in the Financial Statements, net of any allowances for losses, represents the Boards maximum exposure to credit risk. The Board does not hold any collateral or other security over its receivables.

The Board extends 30 day credit terms for sundry receivables, and receives standard commercial credit terms for sundry creditors.



The following tables analyse financial assets that are past due but not impaired.

Analysis of financial assets that are past due at 30 June 2016 but not impaired

Past due 30 days

$’000

Past due 60 days

$’000

Past due 90 days

$’000

Total $’000

Receivables - - 4 4

Analysis of financial assets that are past due at 30 June 2015 but not impaired

Past due 30 days

$’000

Past due 60 days

$’000

Past due 90 days

$’000

Total $’000

Receivables - - - -

(c) Liquidity risk

Liquidity risk is the risk that the Board will not be able to meet its financial obligations as they fall due.

The Workers Rehabilitation and Compensation Act 1988 provides for temporary advances to be made available from the Department of Justice and that more than one percentage may be determined by the Minister for different proportions of a financial year.

Monitoring of revenue and expenditure forecasts and current cash balances is undertaken by the Board on a monthly basis.

Financial Instrument

Accounting and strategic policies (including recognition criteria and measurement basis)

Nature of underlying instrument (including significant terms and conditions affecting the amount. Timing and certainty of cash flows)

Financial Liabilities

Payables Payables are recognised at amortised cost, which due to the short settlement period, equates to face value, when the Board becomes obliged to make future payments as a result of a purchase of assets or services.

Payables, including goods received and services incurred but not yet invoiced, arise when the Board becomes obliged to make future payments as a result of a purchase of assets or services. The Board’s terms of trade are 30 days.

Monitoring of revenue and expenditure forecasts and current cash balances is undertaken by the Board on a monthly basis.

62


The following tables detail the undiscounted cash flows payable by the Department by remaining contractual maturity for its financial liabilities. It should be noted that as these are undiscounted, totals may not reconcile to the carrying amounts presented in the Statement of Financial Position:

2016

Maturity analysis for financial liabilities 1 Year $’000

Undiscounted Total $’000

Carrying Amount

$’000

Financial liabilities

Payables and Accrued Expenses 107 107 107

Accrual Refund for Contributions 2 646 2 646 2 646

Total 2 753 2 753 2 753

2015

Maturity analysis for financial liabilities 1 Year $’000

Undiscounted Total $’000

Carrying Amount

$’000

Financial liabilities

Payables and Accrued Expenses 181 181 181

Accrual Refund for Contributions 1 808 1 808 1 808

Total 1 989 1 989 1 989

(d) Market RiskMarket risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The primary market risk that the Board is exposed to is interest rate risk.

The Board’s exposure to interest rate risk is considered to be minimal. The majority of the Board’s interest bearing financial instruments are managed by the Department of Treasury and Finance.

At the reporting date the interest rate profile of the Board’s interest bearing financial instruments was:

Documents

WorkCover Tasmania Board Annual Report 2015-16 › __data › assets › pdf_file › ... · Tasmania’s workers compensation scheme and asbestos . compensation scheme. This year,