New South Wales Premier Barry O’Farrel emphasised the need for change in the state’s WorkCover compensation system because of massive expenditures.

O’Farrell says that the reforms will not be revealed for another month.

O’Farrell has received criticism for not being bold enough in his first year in office.  Since then, O’Farrell has announced his plans to take his time to respond to questions regarding a new audit for the WorkCover system.

He said that they have received the report regarding the financial situation with WorkCovers scheme, and they are planning to discuss their plans within a month. O’Farrell also made reference to the audit’s warning that the scheme will be $4 billion in deficit by year’s end.

The government will look into making the scheme more sustainable since the deficit currently amounts to $9 million a day.Premiums are twice the cost in NSW than in other states, said O’Farrell

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Source: http://www.abc.net.au/news/2012-03-26/o27farrell-to-slash-costs-of-compensation-scheme/3913224?section=nsw 

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