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The Fund achieved an overall profit of $1.05 million for the 2019/20 financial year.
The Fund’s sound performance during 2019/20 is reflective of the following positive factors:
• Year on year improvement in claims finalisation
• Lower than expected incurred costs of claims (across most claim years)
• Reduction in the average claims cost
• Improved return to work rates during the second half of the financial year
• Avoidance of any material impact due to the potential financial effects of the COVID-19 pandemic
The Board of Racing New South Wales has set a strategic target of maintaining a reserve of $5 million. It is pleasing to note that the profit for 2019/20 means that the target, first achieved in 2018/19 has been maintained with reserves now totaling $6.1 million.
The Fund has continued perform soundly over time having overcome an accumulated deficit which peaked at $9.2million at the end of the 2010/11 financial year.