{"id":"F2023L00648","name":"Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023","slug":"safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441875,"registerId":"F2023L00648-fast-fetch-1775957054110","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\n---\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nSafety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023\n\nI, TONY BURKE, Minister for Employment and Workplace Relations, make the following instrument.\n\nDated 23 May 2023   \n\nTONY BURKE\n\nMinister for Employment and Workplace Relations\n\n \n\n \n\n \n\nContents\n\n1  Name\n\n2  Commencement\n\n3  Authority\n\n4  Definitions\n\n5  Schedules\n\n6  Specified rate\n\nSchedule 1—Repeals\n\nSafety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2022\n\n \n\n1  Name\n\n  This instrument is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023.\n\n2  Commencement\n\n  This instrument commences 1 July 2023.\n\n3  Authority\n\n  This instrument is made under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.\n\n4  Definitions\n\n  In this instrument:\n\nAct means the Safety, Rehabilitation and Compensation Act 1988.\n\n5  Schedules\n\nEach instrument that is specified in Schedule 1 to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.\n\n6  Specified rate\n\n  For the purposes of the definition of weekly interest on the lump sum in subsections 21(3) and 21A(3) of the Act, the rate of 3.56 per cent per annum is specified for the period from 1 July 2023 to 30 June 2024.  \n\n\nSchedule 1—Repeals\n\nSafety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2022\n\nNote: See section 5. \n\n1  The whole of the instrument\n\nRepeal the instrument\n\n \n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1913},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This is a routine annual machinery provision that performs exactly the same function as its predecessors—specifying the applicable interest rate for the relevant financial year under subsection 21(5) of the SRC Act. The scope remains strictly limited to this specific numerical update."},"complexity_factors":["Single operative provision containing only a numerical rate and date range","Only one defined term ('Act')","No conditional logic, exceptions, or nested provisions","Standard annual repeal and replacement of previous instrument","Total length of approximately 200 words"],"plain_english_summary":"This instrument sets the **interest rate for calculating weekly payments from lump sums** under the Commonwealth workers' compensation scheme (Comcare).\n\n**What it does:**\n- Specifies an interest rate of **3.56% per annum** for the 2024 financial year (1 July 2023 to 30 June 2024)\n- This rate is used to convert lump sum compensation payments (for permanent injuries) into weekly payment amounts under the *Safety, Rehabilitation and Compensation Act 1988*\n- Repeals the equivalent instrument from the previous year\n\n**Who it affects:**\n- Commonwealth government employees and certain other workers covered by the Comcare scheme who receive lump sum compensation for permanent impairment and choose to receive it as periodic payments rather than a one-off amount\n\n**Why it matters:**\n- This rate directly determines the weekly income amount for injured workers who convert their lump sum compensation into ongoing payments"}},"importantCases":[],"_links":{"self":"/api/acts/safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023","history":"/api/acts/safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023/history","analysis":"/api/acts/safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023/analysis","conflicts":"/api/acts/safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023/conflicts","importantCases":"/api/acts/safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023/important-cases","documents":"/api/acts/safety-rehabilitation-and-compensation-weekly-interest-on-the-lump-sum-instrument-2023/documents"}}