Premium Relief Delivered For NSW Businesses

Member for Kiama Gareth Ward MP has today announced that the NSW Government is providing more than $420 million in financial relief this year to help keep businesses in business and people in jobs by reducing insurance premiums for businesses hit hard by the COVID-19 pandemic and maintaining current premium levels.

Mr Ward said that the NSW Government has requested that workers insurance premiums remain unchanged in another move to cushion the impacts of COVID-19 and stimulate our State’s economy.

“The Treasurer has confirmed that premium rates for the Nominal Insurer, which protects more than 325,000 businesses and their 3.2 million workers, will remain unchanged from 30 June 2020, saving businesses across our State more than $325 million, including those right across the Illawarra and South Coast,” he said.

“The NSW Government has deferred or waived a number of taxes, fees, and levies and I have asked icare to do the same despite the scheme being heavily impacted by market volatility associated with coronavirus.

“This is another example of our ongoing support for NSW businesses as they deal with the impacts of COVID-19 with icare contacting around 3,000 customers to assist in premium adjustments, payment deferrals and offer advice.

“Employers across our State should have confidence the NSW Government is considering all options available to keep people in jobs and businesses in business,” Mr Ward said.

“icare has already reduced premiums by $52 million for more than 10,000 businesses who have adjusted their estimated wages as a result of challenges related to COVID-19.

“In addition, icare has paused more than $43 million in premiums for 2,000 customers facing financial hardship.

“The NSW Government is doing what we can to support our local small businesses – we have already cut payroll tax, waived licencing fees and provided grants to pay for unavoidable expenses,” Mr Ward said.

Customers can contact icare on 13 44 22 to discuss their individual business circumstances. Further details on COVID-19 measures and impacts are available on the icare website.

In 2015, the NSW Government undertook the biggest transformation of the workers compensation scheme in 30 years improving outcomes for injured motorists and workers and icare continues to drive change to provide excellent care and support.