Very simply, our fund is in a positive and sustainable financial position.
To ensure fund sufficiency, every three years we seek advice from an actuary on the adequacy of the levy rate. In 2017, Coal LSL engaged Mercer Consulting (Australia) Pty Ltd (Mercer) to complete the latest review. The review determined that the fund was in a strong financial position, which provided us the ability to reduce the levy from 2.7% to 2.0% from 1 July 2018.
The new payroll regulations are supported by Minister Laundy and have completed the required parliamentary review.