Key outcomes from the 22 June 2023 Seacare Authority meeting

The Seacare Authority met in Melbourne on 22 June 2023. The key outcomes of the meeting are set out in this news item.

Seacare scheme matters

The Seacare Authority considered ongoing issues relating to scheme viability, coverage and the insurance market for scheme employers under the Seafarers Act.

Members noted an update from the Department of Employment and Workplace Relations on the review of the Seacare scheme, and that the Government is considering options to address issues raised through the review.

Seafarers Safety Net Fund (Fund) – Target Cash Reserve and Levy Rate

The Seacare Authority considered the outcomes of the actuarial review of the Fund undertaken in May 2023, and agreed that no change should be made to either the target cash reserve or the levy rate. The Seacare Authority will revisit both at its November 2023 meeting.

Seacare Authority Corporate Plan 2022-23

The Seacare Authority considered and endorsed its Corporate Plan for 2022-23, noting that the operating context continues to reflect the ongoing viability issues that the scheme faces. The Corporate Plan will be submitted to the Minister for Employment and Workplace Relations and the Minister for Finance by the end of August 2022, and will subsequently be published on the Seacare Authority website following this.

Strategic risk management

The Seacare Authority considers its strategic risk register at each of its regular meetings, with a particular focus on the risk that the scheme may become unviable.

Members considered the impact of the insurance issues on the viability of the scheme, and the progress against actions taken to ensure the continued viability of the scheme.

Next meeting

The next meeting of the Seacare Authority will be held in Canberra on 7 September 2023.