300AIndexation of civil penalty amounts

300A Indexation of civil penalty amounts

300A Indexation of civil penalty amounts

(1) Each civil penalty amount is to be adjusted in accordance with the method prescribed by the National Regulations for the purposes of this section.

(2) The first adjustment is to occur on 1 July 2023.

(3) The next adjustment is to occur on 1 July 2026 and an adjustment is to occur on 1 July every 3 years after that.

(4) The AER must, on or as soon as practicable after the date of the first adjustment and before each subsequent adjustment, publish on its website the civil penalty amounts that apply on and from the date of the adjustment. However, a failure by the AER to do so does not invalidate an adjustment.

(5) A civil penalty amount that is adjusted under this section applies to a breach of a civil penalty provision that occurs or is alleged to occur on or after the date of the adjustment.

(6) In this section—

civil penalty amount means each amount specified in section 4A(1)(a), (b) or (c)(i) or (ii)(A).

s 300A: Ins 2020 No 37, sec 44.