25 Feb 2010

First steps taken on ACC - Govt

8:47 pm on 25 February 2010

The Government says the passing of contentious changes to ACC legislation is the first stage in getting the state-funded insurance agency back into shape.

Parliament passed the Accident Compensation Amendment Bill on Wednesday night after a full day of debate under urgency.

The bill reduces several entitlements and pushes the date to fully fund all the corporation's liabilities from 2014 to 2019.

ACC Minister Nick Smith says the bill is the first stage in ensuring ACC becomes affordable.

He says a stocktake, which is due to be reported to the Government in June, will provide a longer-term steer on the future financial well-being of the corporation.