Indexation of weekly statutory benefits
3.22 Indexation of weekly statutory benefits
The amount of a weekly payment of statutory benefits to an injured person is to be varied on each review date after the end of the first entitlement period by varying the amount of the injured person’s pre-accident weekly earnings and pre-accident earning capacity (referred to in this section as adjustable amounts) for the purposes of the calculation of the amount of a weekly payment, in accordance with the formula—
where—
A is the adjustable amount at the start of the first entitlement period or, if that amount has been varied in accordance with this section, that amount as last so varied.
B is NSW AWE over the 2 quarters preceding the review date for which the relevant estimates are, at that date, available.
C is NSW AWE over the 2 quarters immediately preceding the 2 quarters referred to in B.
In this section—
NSW AWE means the amounts estimated by the Australian Statistician of the average weekly total earnings of adults in full-time employment in New South Wales.
review date means 1 April and 1 October in each year.
The Authority is, on or before each review date, to notify, by order published on the NSW legislation website, the number that equates to the factor for the purposes of the variation required for that review date under this section.
A notification published on the NSW legislation website after a review date for the purposes of the variation required for that review date under this section has effect as if published before that review date.
If the variation of an adjustable amount by operation of this section has the effect of reducing the amount—
the variation is deemed not to have taken effect, except for the purposes of the application of this section, and
when the amount is varied and increased by operation of this section in respect of the next or a subsequent financial year, that variation has effect as an increase only to the extent (if any) to which the amount of the increase exceeds the amount of the reduction in respect of a preceding period, or that part of such a reduction that has not been set off against a previous increase.
Where it is necessary for the purposes of this Division to calculate an amount that consists of or includes a fraction of a whole number, the amount is deemed to have been calculated in accordance with this section if the calculation is made to the nearest whole dollar.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.