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ACC funding transparency supported

Media release

22 September 2015

ACC funding transparency supported

BusinessNZ says the removal of ACC residual levies will be a welcome step towards a more transparent ACC.

Residual levies will be removed from the Work, Earners’ and Motor Vehicle Accounts next year.

BusinessNZ Chief Executive Phil O’Reilly says employers have borne much of the lifetime cost of accidents that occurred before the system moved to a fully-funded model, including pre-1992 accidents which occurred outside the working environment.

“It is positive that the ACC system has now reached the point where those residual claims have been fully funded, and past cost overruns have been rectified.

“BusinessNZ has long supported greater transparency surrounding the ACC levy-setting process and welcomes the vote on the Accident Compensation (Financial Responsibility and Transparency) Amendment Bill in Parliament this week.

“ACC’s focus should now be on removing cross-subsidies within Accounts and setting levies that better reflect risk, with lower levies for safer workplaces.”

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