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]—

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—