TAC achieves all business objectives ahead of relocation

30 Oct 2008

MEDIA RELEASE - 30 October 2008

The Transport Accident Commission (TAC) has achieved a record high level of client satisfaction while providing $775.3 million in support services to more than 40,000 Victorians in the 2007/08 financial year.

The TAC Chairman Paul Barker said the TAC Annual Report tabled in State Parliament today  highlighted the organisation’s achievements in the areas of client satisfaction, scheme viability and employee engagement.

“This is an exceptional result, achieved amid an unprecedented internal change program ahead of the organisation’s relocation to Geelong in January 2009,” Mr Barker said.

Mr Barker said key results for the TAC in 2007/08 included:

• $775.3 million in support services for more than 40,000 clients
• Best-ever client satisfaction score of 7.52
• Record high staff morale and employee engagement scores
• Establishment of a Geelong Office, now accommodating more than 150 employees
• Performance from insurance operations of $398 million
• Funding ratio of 104.5%
• Reduction in projected claims liabilities of $88 million.

“While the TAC’s performance from insurance operations was $398 million, weak investment markets delivered a negative return of 6.6%, resulting in a loss of $517 million,” Mr Barker said.

However, Mr Barker emphasised the long term nature of the TAC scheme and said cyclical down turns in investment markets were both expected and allowed for in long-term strategy setting and planning.

“The most important measure of scheme health remains the performance from insurance operations which separates out the ’noise’ associated with short term fluctuations in markets and highlights the underlying health and success of the scheme.”

From January 2009, the TAC’s new headquarters will be located at 60 Brougham Street, Geelong. The  relocation to Geelong was announced in December 2005, as part of the Victorian Government’s pledge to build regional economies and improve service delivery.  The relocation is expected to generate more than 850 jobs and $59 million per annum in economic benefit for the Geelong region.