Annual indexation
6 Annual indexation
This regulation prescribes a formula under which the amount mentioned in regulation 5(1) (the “indexable amount”) is to be varied annually by the indexation factor (if any).
In this regulation —
base weekly earnings means the last amount published by the Australian Statistician before 1 July 2002 as an estimate (except a preliminary estimate) of the average total weekly earnings (seasonally adjusted) for full‑time adult employees of all employees in Australia in a particular month;
current weekly earnings, in relation to an indexation day, means the last amount published by the Australian Statistician before that day as an estimate (except a preliminary estimate) of the average total weekly earnings (seasonally adjusted) for full‑time adult employees of all employees in Australia in a particular month;
indexation day means 1 July 2003 or 1 July in a later year;
indexation factor, for an indexation day, means the number, worked out to 3 decimal places, resulting from the following formula —
If at any time (whether before or after the commencement of this regulation) the Australian Statistician publishes an estimate of the average total weekly earnings (seasonally adjusted) for full‑time adult employees in a particular month in substitution for such an estimate (except a preliminary estimate) previously published by the Australian Statistician for that month, the publication of the later estimate is to be disregarded for the purposes of this regulation.
Subject to subregulation (5), if, on any indexation day, the indexation factor is greater than 1, then, on and after that day, until a later application of this subregulation, an indexable amount is taken to be replaced by the amount worked out by multiplying the indexable amount by the indexation factor.
If an amount worked out under subregulation (4) is not $100, or a multiple of $100 —
if the amount is not $50, or a multiple of $50 — it is to be rounded up or down to $100, or the nearest amount that is a multiple of $100 as appropriate; or
if the amount is $50, or a multiple of $50 — it is to be rounded up to $100, or the next highest amount that is a multiple of $100 as appropriate.
[Regulation 6 inserted: Gazette 26 Jul 2002 p. 3461‑2.]
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