Performance information Year Performance criteria Targets 2017–18 The insured scheme continues to be fully funded Assessment: On The average Commonwealth premium rate reduced to 1.1 per cent of payroll (excluding GST) by 2018–19, to ensure the scheme remains financially sustainable Assessment: Target achieved Reduce the insured scheme liability to $1.9 billion, a reduction of $1 billion from the baseline at 30 June 2014, to ensure the scheme remains financially sustainable Assessment: On track Reduce the direct administration cost ratio to 20 per cent by 2018–19, measured by Safe Work Australia’s comparative performance monitoring methodology, to ensure cost effective management of the fund Assessment: Not on track Increase the proportion of employees who have returned to work, measured by duration on incapacity benefits, to facilitate recovery and reduce liability. Reported by periods of: 13 weeks—73% 26 weeks—82% 78 Assessment: 13 on track 26 track 78 weeks—On track A sustained high level of satisfaction and engagement with the services provided, measured by survey to ensure services are appropriate, responsive and relevant Assessment: On track 2018–19 The insured scheme continues to be funded 100–110% The average Commonwealth premium rate reduces to 1.1 per cent of payroll (excluding GST) for the 2018–19 premium year, to ensure the scheme remains financially sustainable Average Commonwealth premium rate = 1.1% of payroll Reduce the insured scheme liability to ensure the scheme remains financially sustainable Scheme liability is $1.9 billion or less by 30 June 2019 That claims administration cost as a ratio of all claims expenses is 20 per cent or lower for each injury year, measured by Safe Work Australia’s comparative performance monitoring methodology, to ensure cost effective management of the fund Administrative cost is 20% or lower Increase the proportion of employees who have returned to work, measured by duration on incapacity benefits, to facilitate recovery and reduce liability 13 weeks — 76% 26 weeks — 84% 78 weeks — 92% A sustained high level of satisfaction and engagement with the services provided, measured by survey, to ensure services are appropriate, responsive and relevant A stakeholder satisfaction rating of 82% or more for services provided to the Fund
2019–20 and beyond The insured scheme continues to be fully funded 100–110% The average Commonwealth premium rate reduces to 1.1 per cent of payroll (excluding GST) for the 2018–19 premium year, to ensure the scheme remains financially sustainable Average Commonwealth premium rate = 1.0% of payroll Reduce the insured scheme liability to ensure the scheme remains financially sustainable Scheme liability is $1.71 billion or less by 30 June 2019 That claims administration cost as a ratio of all claims expenses is 20 per cent or lower for each injury year, measured by Safe Work Australia’s comparative performance monitoring methodology, to ensure cost effective management of the fund Administrative cost ratio is 20% or lower Increase the proportion of employees who have returned to work, measured by duration on incapacity benefits, to facilitate recovery and reduce liability 13 weeks — 80% 26 weeks — 88% 78 weeks — 95% A sustained high level of satisfaction and engagement with the services provided, measured by survey, to ensure services are appropriate, responsive and relevant A stakeholder satisfaction rating of 85% or more for services provided to the Fund Material changes to Program Component 1.4 resulting from the following measures: Nil Program Component 1.5—Pre-premium claims Purpose Leading Workers’ Compensation Insurer—To foster participation and productivity by minimising the impact of harm in workplaces, facilitate recovery at and return to work, and deliver sustainable management of the fund. Delivery Build a high-performance business and service culture that is committed to quality and outcomes. Performance information Year Performance criteria Targets 2017–18 Reduce the direct administration cost ratio to 20 per cent by 2018–19, measured by Safe Work Australia’s comparative performance monitoring methodology, to ensure cost effective management of the fund Assessment: Not on track 2018–19 That claims administration cost as a ratio of all claims expenses is 20 per cent or lower for each injury year, measured by Safe Work Australia’s comparative performance monitoring methodology, to ensure cost effective management of the fund Administrative cost ratio is 20% or lower 2019–20 and beyond As per 2018–19 As per 2018–19 Material changes to Program Component 1.5 resulting from the following measures: Nil
3.8: Schedule of budgeted assets and liabilities administered on behalf of Government (as at 30 June) 2017–18 Estimated actual $'000 2018–19 Budget $'000 2019–20 Forward estimate $'000 2020–21 Forward estimate $'000 2021–22 Forward estimate $'000 ASSETS Financial assets Trade and other receivables 1,356 1,356 1,356 1,356 1,356 Total financial assets 1,356 1,356 1,356 1,356 1,356 Total assets administered on behalf of Government 1,356 1,356 1,356 1,356 1,356 LIABILITIES Payables Suppliers 115 115 115 115 115 payables 115 115 115 115 115 Provisions Other provisions 622 622 622 622 622 Total provisions 622 622 622 622 622 Total liabilities administered on behalf of Government 737 737 737 737 737 Net assets/(liabilities) 619 619 619 619 619 Prepared on Australian Accounting Standards basis. Table 3.9: Schedule of budgeted administered cash flows (for the period ended 30 June) 2017–18 Estimated actual $'000 2018–19 Budget $'000 2019–20 Forward estimate $'000 2020–21 Forward estimate $'000 2021–22 Forward estimate $'000 OPERATING ACTIVITIES Cash received Other 155 155 155 155 155 Total cash received 155 155 155 155 155 Cash used Other 155 155 155 155 155 Total cash used 155 155 155 155 155 Net cash from/(used by) operating activities - - - - - Net increase/(decrease) in cash held - - - - - Cash and cash equivalents at beginning of reporting period - - - - - Cash and cash equivalents at end of reporting period - - - - - Prepared on Australian Accounting Standards basis. Table 3.10: Administered capital budget statement (for the period ended 30 June) Comcare has no administered capital purchases. For this reason, Table 3.10 is not presented.