Div 2Annual compensation scheme

Division 2—Annual compensation scheme

S. 42AA inserted by No. 39/2025 s. 25B.

42AA Definitions for this Division

In this Division—

annual compensation scheme means a scheme approved under section 42AAC(3);

direct loss method has the meaning given in section 42AAI;

eligible Albert Park tenant means an entity that holds a lease, licence or other agreement in the declared area for a race period in respect of a year where the lease, licence or other agreement was entered into before 1 January 2026;

fixed amount method has the meaning given in section 42AAH.

S. 42AAB inserted by No. 39/2025 s. 25B.

42AAB Corporation to make compensation payments to eligible Albert Park tenants

The Corporation must pay compensation to eligible Albert Park tenants in accordance with the annual compensation scheme.

S. 42AAC inserted by No. 39/2025 s. 25B.

42AAC Annual compensation scheme

(1) Each year, the Corporation must develop a draft annual compensation scheme for the purpose of payments under section 42AAB.

(2) Not later than 3 months after the end of the race period in relation to a year, the Corporation must prepare and submit the draft annual compensation scheme to the Minister for approval.

(3) The Minister may approve the draft annual compensation scheme if satisfied it is appropriate to do so, having regard to—

(a) the business plan under section 25; and

(b) in the case of any fixed amount method, the overall approach to assessing and calculating amounts.

S. 42AAD inserted by No. 39/2025 s. 25B.

42AAD Eligibility for compensation under the annual compensation scheme

(1) An eligible Albert Park tenant is eligible for compensation under the annual compensation scheme if the eligible Albert Park tenant has suffered direct losses or expenses as a result of a race period for a year being a period not exceeding 21 days.

(2) An entity is not eligible for compensation under the annual compensation scheme if a lease, licence or other agreement in the declared area to which the entity is a party is entered into on or after 1 January 2026.

(3) An eligible Albert Park tenant may be eligible for compensation under the annual compensation scheme even if the tenant has closed the business or other operation conducted pursuant to a lease, licence or other agreement in the declared area for a race period in respect of a year during that race period.