ACC Minister Nick Smith has announced that levies will rise next year. However, these increases will be considerably less than those recommended by ACC.
These levy increases are necessary because ACC’s claims costs have increased by 57 per cent in the past four years. We’re moderating the increases by pushing out the full funding date to 2019, pulling back on extensions to the scheme made by the Labour Government, and putting in place a wide range of cost-saving measures.
Setting the levies has been a difficult balance between minimising the cost increases and families and businesses, keeping the pressure on ACC to better manage its costs, and ensuring ACC’s long-term sustainability. I believe we’ve struck the right balance.
These changes will help get ACC back on a more sustainable path and protect our 24/7, no-fault accident insurance programme.
For more information: www.beehive.govt.nz/release/government+announces+201011+acc+levy+rates
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