Securing the future of ACC

ACC has become financially unsustainable and reform is needed to secure its future for New Zealanders.
ACC lost $4.8 billion this year on top of $2.4 billion last year. Its unfunded liabilities have ballooned from $4 billion to $13 billion and its claim costs by 57 per cent in just four years.
That’s why we’ve moved to tighten up some entitlements. This week the Injury Prevention, Rehabilitation, and Compensation Amendment Bill passed its first reading. The changes in this Bill are needed to make the ACC scheme affordable, sustainable and fair. Our changes will see ACC's proposed levy increases reduced by half.
We hope the public will engage with the select committee. There needs to be an open and honest conversation as to how we’re going to fund ACC’s shortfall.
For more information: http://www.beehive.govt.nz/speech/injury+prevention+rehabilitation+and+compensation+amendment+bill+2009