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NZ's ACC Recognised as Best in the World

New Zealand's Accident Compensation Corporation has been around since 1972 and a recent independent report by PriceWaterhouseCoopers on the social and economic impacts of the scheme finds it in very good health for all New Zealanders.

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While there's always room for improvement, it found the scheme is more comprehensive that any in the world and as amongst the most, if not the most, efficient.

More comprehensive because unlike in many other countries, all injured New Zealanders are protected - whether hurt playing sport, falling off a ladder or in a car accident - and the cover they get is better.

More efficient because there are no private insurers involved, collecting their cut. ACC is a state monopoly because Labour understands insurance companies' desire to maximise profit goes hand-in-hand with minimising liability and New Zealanders would pay the price.

PriceWaterhouseCoopers found exactly this scenario across the Tasman. Australian employers pay 250 % more than those here, Australian motor vehicle levies are much higher, ACC clients are back at work earning a wage faster than their Australian counterparts and ACC has lower claim management and administration costs and much fewer disputes.

The scheme was a far-sighted investment in New Zealanders' health and wellbeing and Labour is continuing to improve it. Its shareholders are and should continue to be New Zealanders, the only appropriate guardians.

The PriceWaterhouseCoopers report is available online here.

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