Federal Register of Legislation - Australian Government

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No. 2 of 2008 Notices & Notifications as made
This Notice specifies the rate of weekly interest on the lump sum to be used in calculating compensation in respect of incapacity for work resulting from an injury payable under section 21 and 21A of the Safety, Rehabilitation and Compensation Act 1988.
Administered by: Employment
Registered 29 Jun 2008
Tabling HistoryDate
Tabled HR26-Aug-2008
Tabled Senate26-Aug-2008
Date of repeal 19 Mar 2014
Repealed by Employment (Spent and Redundant Instruments) Repeal Regulation 2014

EXPLANATORY STATEMENT

 

Safety, Rehabilitation and Compensation Act 1988

 

Issued by the Minister for Employment and Workplace Relations

 

 

Notice of a Disallowable Instrument

 

 

Safety, Rehabilitation and Compensation
(Weekly Interest on the Lump Sum) Notice 2008 (2)

 

 

The purpose of the instrument to which this Explanatory Statement relates is to specify the rate of weekly interest on the lump sum to be used in calculating compensation in respect of incapacity for work resulting from an injury payable under section 21 or 21A of  the Safety, Rehabilitation and Compensation Act 1988 (the SRC Act).

 

Section 21 of the SRC Act applies where the injured employee has received a superannuation lump sum benefit and section 21A of the SRC Act applies where the injured employee has received both a superannuation lump sum benefit and superannuation pension.  In both cases, the weekly amount of the incapacity benefit is reduced by the weekly value of the superannuation lump sum benefit.  That weekly value is calculated by multiplying the value of the superannuation lump sum benefit by the interest rate specified by the Minister and dividing the result by 52.

 

The instrument is a legislative instrument subject to the Legislative Instruments Act 2003.

 

The instrument specifies a rate of 6.08% for the period 1 July 2008 to 30 June 2009.   This rate is derived from the average of the Reserve Bank of Australia provided 10 year Government Bond rates for the period 1 April 2007 to 31 March 2008 of 6.079% rounded to two decimal places. 

 

The rate specified for the period 1 July 2007 to 30 June 2008 was 5.72%.