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Return to Work Corporation of South Australia (RTWSA)

Financial statistics
Total comprehensive result: ($44 million)
Premium revenue: $495 million
Net claims paid: $560 million
   
Outstanding claims liability: $2.5 billion
Net assets: $325 million
   
The number of workers receiving income support for a year or more decreased by 36.6%, and for less than a year increased by 8.8%.
 
Average premium rate reduced to 1.95% in 2015-16
 
Number of FTEs: 273

Significant events and transactions
  • The 2015-16 financial year is the first year of operation of the Return to Work Act 2014.
  • RTWSA achieved a funding ratio of 112.9%, meaning the Return to Work Scheme is fully funded.
  • Premium revenue decreased by $150 million to $495 million.
  • Net claims paid increased by $74 million to $560 million.

Financial statement opinion
Unmodified

An emphasis of matter was included in the financial report opinion relating to inherent uncertainty in the estimate of the outstanding claims liability and the funding ratio.


Financial controls opinion
Modified
Key issues:
  • Decisions to accept claims are not independently reviewed
  • Errors in income support calculations by claims agents and lack of supporting evidence for calculations
  • Lack of supporting evidence for waivers granted to employers