Chief Executive Denise Cosgrove (VWA) said the results were an encouraging sign that the Victorian economy is responding positively to a challenging global environment.
"Our results show that there has been further improvement in safety and return to work rates in Victoria, which is a real credit to Victorian employers and their continued efforts to make workplace safety a key priority," Ms Cosgrove said.

"Victoria achieved a record low injury rate of 7.51 claims per million hours worked at 31 December 2013, down from 7.72 at 30 June 2013*, building on the record safety results recorded in 2012/13.

"The positive half-yearly results showed the organisation's approach to managing the fundamentals was sound and the VWA recorded a performance from insurance operations result (PFIO) of $119 million," Ms Cosgrove said.

The PFIO was the most insightful measure of the scheme's performance, given it focused on the fundamentals that management could control, such as operational costs and its claims management ability.

"Traditionally, actuarial release for December is a lower figure than the full year result and over the last decade has included valuations which have been negative.

The VWA is well on its way to meeting their five-year strategy targets that will be finalized in 2017.

With a merging WorkSafe Victoria and WorkCover Victoria going hand in hand with funding cuts, all eyes are on the half yearly performance reports to see if there is a damaging flow-on effect.

Average injury insurance premium rates - 

• Year - 2013/14 
  • Vic - 1.298% 
  • Comcare - 1.80% 
  • Qld - 1.450% 
  • WA - 1.691% 
  • NSW - 1.68%
  • Tas - 2.28% 
  • SA - 2.75%

- See more at: worksafenews