Commonwealth legislation

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This instrument sets the interest rate for calculating weekly payments from lump sums under the Commonwealth workers' compensation scheme (Comcare).

What it does:

Specifies an interest rate of 3.56% per annum for the 2024 financial year (1 July 2023 to 30 June 2024)
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
Repeals the equivalent instrument from the previous year

Who it affects:

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

Why it matters:

This rate directly determines the weekly income amount for injured workers who convert their lump sum compensation into ongoing payments

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Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023

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Commonwealth Coat of Arms of Australia

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023

I, TONY BURKE, Minister for Employment and Workplace Relations, make the following instrument.

Dated 23 May 2023

TONY BURKE

Minister for Employment and Workplace Relations

Contents

1 Name

2 Commencement

3 Authority

4 Definitions

5 Schedules

6 Specified rate

Schedule 1—Repeals

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2022

1 Name

This instrument is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023.

2 Commencement

This instrument commences 1 July 2023.

3 Authority

This instrument is made under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

4 Definitions

In this instrument:

Act means the Safety, Rehabilitation and Compensation Act 1988.

5 Schedules

Each instrument that is specified in Schedule 1 to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.

6 Specified rate

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.

Schedule 1—Repeals

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2022

Note: See section 5.

1 The whole of the instrument

Repeal the instrument

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 22.10.0

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023

I, TONY BURKE, Minister for Employment and Workplace Relations, make the following instrument.

Dated 23 May 2023

TONY BURKE

Minister for Employment and Workplace Relations

Contents

1 Name

2 Commencement

3 Authority

4 Definitions

5 Schedules

6 Specified rate

Schedule 1—Repeals

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2022

1 Name

This instrument is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2023.

2 Commencement

This instrument commences 1 July 2023.

3 Authority

This instrument is made under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

4 Definitions

In this instrument:

Act means the Safety, Rehabilitation and Compensation Act 1988.

5 Schedules

6 Specified rate

Schedule 1—Repeals

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2022

Note: See section 5.

1 The whole of the instrument

Repeal the instrument

Read the source document