61Indexation

61 Indexation S. 61(1) amended by Nos 32/1988 s. 16(1), 84/2000 s. 15(5), 44/2014 s. 33(Sch. item 29(3)), 1/2018 s. 5(1). (1) An amount in dollars, other than an amount to which subsection (2) applies, referred to in this Division or calculated under section 49(5) and the amount of a weekly payment under section 44 or 45 shall be varied, in respect of the financial year beginning on 1 July 1987 and each subsequent financial year, in accordance with the formula— A is the amount referred to in this Division or calculated under section 49(5) or the amount of the weekly payment under section 44 or 45. B is the average weekly total earnings of all employees in Victoria in original terms for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. C is the average weekly total earnings of all employees in Victoria in original terms for the corresponding reference period in the calendar year preceding the calendar year referred to in B last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. S. 61(2) amended by Nos 32/1988 s. 16(2), 84/1994 ss 37(1)(a)(b), 55(2)(j)–(q), 84/2000 s. 20(2), 94/2004 ss 11(5)(e), 14(4),17(2), 71/2013 ss 17(2), 18(2), 44/2014 s. 33(Sch. item 29(4)), 18/2016 s. 4, 49/2018 s. 13. (2) An amount of $500 000, $686 840, $305 250, $144 500, $103 210, $99 220, $61 940, $30 520, $20 000, $15 000, $14 135, $5000, $120, $1500, $1660, $1000 or $32.50 referred to in this Division or Part 6 and the amount of a periodic payment under section 47(4) shall be varied, in respect of the financial year beginning on 1 July 1987 and each subsequent financial year, in accordance with the formula[[10]](#endnote-11)— D is the amount referred to in this Division or Part 6 or the amount of the periodic payment. E is the all groups consumer price index for Melbourne in original terms for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. F is the all groups consumer price index for Melbourne in original terms for the corresponding reference period one year earlier than the reference period referred to in E last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. S. 61(2A) inserted by No. 60/2007 s. 15(1), amended by No. 44/2014 s. 33(Sch. item 29(5)). (2A) An amount shown, or calculated in accordance with a formula set out in, the table in section 47(2) must be varied, in respect of the financial year beginning on 1 July 2005 and each subsequent financial year, in accordance with the formula— D is the amount shown, or calculated in accordance with a formula set out in, the table in section 47(2). E is the all groups consumer price index for Melbourne in original terms for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. F is the all groups consumer price index for Melbourne in original terms for the corresponding reference period one year earlier than the reference period referred to in E last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. S. 61(2B) inserted by No. 60/2007 s. 15(2), amended by No. 44/2014 s. 33(Sch. item 29(6)). (2B) An amount calculated in accordance with section 54A must be varied, in respect of the financial year beginning on 1 July 2008 and each subsequent financial year, in accordance with the formula— D is the amount calculated in accordance with section 54A. E is the average weekly total earnings of all employees in original terms in Victoria for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. F is the average weekly total earnings of all employees in Victoria in original terms for the corresponding reference period in the calendar year preceding the calendar year referred to in E last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. S. 61(2C) inserted by No. 60/2007 s. 15(2), amended by No. 44/2014 s. 33(Sch. item 29(7)). (2C) The amount of $965 referred to in section 54A(5)(a) must be varied, in respect of the financial year beginning on 1 July 2008 and each subsequent financial year, in accordance with the formula— D is the amount of $965 referred to in section 54A(5)(a). E is the average weekly total earnings of all employees in Victoria in original terms for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. F is the average weekly total earnings of all employees in Victoria in original terms for the corresponding reference period in the calendar year preceding the calendar year referred to in E last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. S. 61(2D) inserted by No. 60/2007 s. 15(2), amended by No. 44/2014 s. 33(Sch. item 29(8)). (2D) The amount of $5000 referred to in section 60(2A)(a) must be varied, in respect of the financial year beginning on 1 July 2008 and each subsequent financial year, in accordance with the formula— D is the amount of $5000 referred to in section 60(2A)(a). E is the all groups consumer price index for Melbourne in original terms for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. F is the all groups consumer price index for Melbourne in original terms for the corresponding reference period one year earlier than the reference period referred to in E last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made. (3) If it is necessary for the purposes of this section to calculate an amount that consists of or includes a fraction of a whole number, the amount shall be deemed to have been calculated in accordance with this section if the calculation is made— (a) if the amount is less than $1000, to the nearest whole $1; or (b) if the amount is $1000 or more, to the nearest whole $10. (4) Where an amount is varied in accordance with this section— S. 61(4)(a) amended by No. 32/1988 s. 16(3). (a) this Division (including this section) or Part 6 has effect as if a reference to the amount were a reference to the amount as so varied; and (b) payments of compensation calculated with reference to the amount must be varied accordingly. S. 61(5) inserted by No. 32/1988 s. 16(4), substituted by No. 94/2004 s. 5(3). (5) An increase in the amount of a weekly payment under section 44 or 45 by reason of this section takes effect even if it increases the amount of the weekly payment to more than 100% of pre‑accident weekly earnings, but does not take effect to the extent (if any) to which it increases the amount of the weekly payments to more than 100% of the current weekly earnings to which the earner would be entitled if he or she were employed in the same position or positions (if it or they can be identified) as he or she was employed in immediately before the accident, or the time when the injury first manifested itself. Subsection (5), as substituted by section 5 of the **Transport Accident (Amendment) Act 2004**, only applies to an earner who was injured in a transport accident that occurs on or after the date of commencement of section 5—see section 185. S. 61(6) inserted by No. 84/1994 s. 38. (6) If the variation of an amount to which this section applies by operation of this section has the effect of reducing the amount— (a) the variation is deemed not to have taken effect, except for the purposes of the application of this subsection; and (b) when the amount is varied and increased by operation of this section in respect of the next or a subsequent financial year that variation has effect as an increase only to the extent (if any) to which the amount of the increase exceeds the amount of the reduction in respect of a preceding financial year, or that part of such a reduction that has not been set off against a previous increase. S. 61(7) inserted by No. 94/2004 s. 28, amended by Nos 71/2013 s. 22(2), 1/2018 s. 5(2). (7) The Governor in Council may, on the recommendation of the Commission, by order published in the Government Gazette, declare that this section does not apply to any amount fixed by Order made under section 60(11A) in respect of a specified financial year. S. 61A inserted by No. 94/2004 s. 26.