The Transport Accident Commission has announced an extraordinary financial result, recording a $1.13 billion profit for the 2022-23 financial year, even as the road toll in Geelong and surrounding regions shows concerning increases.
Financial Windfall Amid Safety Concerns
According to the TAC's annual report released this week, the massive profit represents a significant turnaround from the previous year's $98 million loss. The commission's investment income surged to $1.37 billion, dramatically outperforming expectations and driving the overall positive result.
The strong financial performance comes despite the TAC paying out $1.92 billion in benefits to support more than 42,000 Victorians affected by transport accidents during the same period. This included substantial support for individuals and families across the Geelong region who have been impacted by serious road incidents.
Geelong's Disturbing Road Safety Statistics
While the financial news appears positive, the human cost of Victoria's road network tells a different story. The report reveals that Greater Geelong recorded 11 fatalities in the 2022-23 period, contributing to Victoria's total road toll of 241 deaths.
The Surf Coast region experienced an even more alarming situation, with the local government area recording eight deaths from just 244 serious injury crashes. This represents one of the highest fatality-to-crash ratios in the state, highlighting the severity of collisions in the area.
Other concerning statistics from the report include:
- Colac Otway recorded three fatalities from 40 serious injury crashes
- Golden Plains reported two deaths from 31 serious crashes
- Queenscliffe Borough had one fatality from just five serious crashes
Investment Strategy Delivers Remarkable Returns
The TAC's financial success can be largely attributed to its robust investment strategy, which generated returns far exceeding the benchmark. The commission's investment portfolio delivered a 7.8 per cent return, significantly higher than the target of 5.6 per cent.
TAC CEO Joe Calafiore acknowledged the bittersweet nature of the results, stating that while the financial position ensures long-term sustainability for supporting crash victims, the ultimate goal remains reducing road trauma altogether.
The commission has now achieved four consecutive years of premium decreases for Victorian motorists, with another 3.5 per cent reduction taking effect from January 1, 2024. This means the average Victorian car owner will pay approximately $20 less for their TAC charge next year.
Despite the financial success, the focus remains on improving road safety outcomes across Victoria, particularly in high-risk areas like Geelong and the Surf Coast where the human cost of accidents continues to impact local communities.
