Workers Compensation Operational Fund
This page provides a summary of the contributions to and expenditure from the Workers Compensation Operational Fund since SIRA’s inception in 2015.
The actual expenditure from the Workers Compensation Operational Fund (WCOF) administered by SIRA is summarised in the table below. It should also be noted that the 2015 figures represent a transitional establishment phase, and include WorkCover finances up until 31 August 2015 and then SIRA’s finances from when it was established on 1 September 2015.
WCOF Funded Programs | 2015-16 | 2016-17 | 2017-18 | 2018-19 | 2019-20 | 2020-21 |
|---|---|---|---|---|---|---|
Actual | Actual | Actual | Actual | Actual | Actual | |
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
SafeWork NSW | 107,555 | 112,105 | 122,847 | 132,904 | 127,995 | 128,892 |
SIRA | 77,302 | 72,364 | 60,951 | 59,136 | 51,953 | 53,303 |
IRO (WIRO to 28 February 2021) | 4,898 | 6,582 | 7,343 | 10,559 | 10,967 | 12,495 |
ILARS | 44,034 | 49,864 | 50,465 | 57,313 | 63,050 | 73,613 |
Commission (WCC to 28 February 2021) | 21,828 | 23,090 | 26,283 | 26,650 | 25,285 | 28,382 |
Total | 255,617 | 264,005 | 267,889 | 286,562 | 279,250 | 296,685 |
The Personal Injury Commission (PIC) and Independent Review Office (IRO) were established on the 1 March 2021, replacing the former Workers Compensation Commission (WCC) and Workers Compensation Independent Review Office (WIRO) respectively.
The actual levy contribution into the WCOF since the inception of SIRA from both the Nominal Insurer, Treasury Managed Fund (TMF), self insurers and specialised insurers is summarised as follows:
WCOF Revenue | 2015-16 | 2016-17 | 2017-18 | 2018-19 | 2019-20 | 2020-21 |
|---|---|---|---|---|---|---|
Actual | Actual | Actual | Actual | Actual | Actual | |
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
Self-Insurer Contributions | 14,382 | 15,272 | 14,832 | 16,043 | 17,321 | 18,925 |
Specialised Insurer Contributions | 4,691 | 6,907 | 7,693 | 8,026 | 8,367 | 9,420 |
TMF Contributions | 16,981 | 18,626 | 19,443 | 18,527 | 19,530 | 21,881 |
Nominal Insurer Contributions | 69,949 | 210,281 | 213,707 | 236,175 | 232,915 | 245,978 |
Total Contributions | 106,003 | 251,086 | 255,675 | 278,771 | 279,403 | 296,205 |
Other Revenue | 49,616 | 23,239 | 23,082 | 8,863 | 1,115 | 345 |
Total Revenue | 155,619 | 274,325 | 278,757 | 287,634 | 280,518 | 297,250 |