Businesses have welcomed the passage of workplace injury laws that include an 18-month freeze on average premium increases in the NSW workers’ compensation scheme.

Legislation passed state parliament last week after crossbenchers stepped in with a compromise package to break months of deadlock over the government’s reform program. 

“The NSW government and opposition came together to pass these reforms,” Business NSW CEO Daniel Hunter told insuranceNEWS.com.au. 

“The business community looks forward to working with our elected officials on other key reforms in energy, insurance and tax.”

He says without the changes, businesses faced a “projected 36% increase in [workers’ compensation] premiums over the next three years. One in five members said these increases would close their businesses.

“These landmark reforms are an important first step in repairing a scheme which has too often failed both business owners and genuinely injured workers.”

The State Insurance Regulatory Authority says the overhaul builds on other changes passed last year and prioritises prevention and improving return to work rates.

“SIRA will continue to work with stakeholders to progress implementation of the reform,” the authority said.

Business NSW says key measures in the latest bill include preserving the work injury damages threshold (15%) for people who have recorded an injury before the start date; and increasing the whole person impairment threshold for workers to receive weekly payments beyond 130 weeks to 25% from July 1 this year and 28% from July 1 2029.