TAC Delivers Financial Management - Client Service Quinella

04 Nov 2005

Media Release - 4 November 2005

The Transport Accident Commission (TAC) funded in excess of $640 million in support services for more than 41,000 Victorians in the 2004/05 financial year, TAC Chairman, Mr James MacKenzie, announced today.

Releasing the TAC’s annual results for 2004/05, Mr MacKenzie said the organisation also recorded its highest-ever levels of client satisfaction.

“Four years ago the TAC set itself the goal of substantially improving client service, while maintaining the financial sustainability of the scheme,” Mr MacKenzie said.

“It is therefore extremely pleasing to report that for the first time ever, the TAC in
2004/05 exceeded its targets for both of these key performance indicators – with the organisation recording its highest-ever level of client satisfaction for the third consecutive year.

“Another major achievement in the past financial year was the introduction of significant changes to the Transport Accident Act 1986, which will result in an additional $19 million in benefits being delivered to injured Victorians each year.” 

Mr MacKenzie said key results for 2004/05 included:

• $643 million in support services for 41,035 clients
• New legislative amendments to deliver more than $19 million in benefits to clients annually
• Introduction of new dispute resolution protocols to facilitate faster delivery of benefits for clients
• Highest ever client satisfaction score of 7.3 out of 10
• Commitment of $60 million to trauma research to be administered through the Victorian Neurotrauma Initiative
• Hospitalised claim rate at a record low
• Road toll remaining low at 338
• $130 million contribution to improve roads to reduce run off road crashes
• A further $110 million contribution to the Safer Roads Infrastructure Program to improve dangerous intersections
• Staff morale at a record high of 72%
• Write-down in projected liabilities of $96 million
• Funding ratio of 119%
• Investment return of 13.7%
• After-tax profit of $464 million, driven largely by buoyant investment markets

“The TAC’s results for 2004/05 clearly show that positive client outcomes can be achieved while responsibly managing the scheme’s finances,” Mr MacKenzie said.

TAC Chief Executive Officer, Mr Stephen Grant said the TAC’s continuing strong performance was underpinned by record levels of staff satisfaction and morale.

“The fact that this year’s client satisfaction score is the highest-ever for the third consecutive year reflects the TAC’s determination to continually improve the quality of the services that we deliver to our clients,” Mr Grant said.

“Importantly, these results have been achieved, while maintaining one of the lowest premium levels in Australia and providing a standard of care and support to people injured in transport accidents, recognised as being amongst the best in the world.”