Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) For paragraph (b) of the definition of maximum weekly wage in section 5 of the Act, this section sets out the manner of indexing the amounts specified in that definition.
(2) The maximum weekly wage for the period starting on 1 August 2013 and ending at the end of 30 June 2014 is worked out using the following steps.
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Steps |
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Step 1 |
Identify the last assessment of current average weekly ordinary time earnings published by the Australian Statistician before 1 August 2013. Note: This is the most recently published amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employers in Australia. |
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Step 2 |
Divide it by the last assessment of current average weekly ordinary time earnings published by the Australian Statistician before 1 July of the previous year. Note: This is the most recently published amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employers in Australia. |
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Step 3 |
Round the result to 3 decimal places. If the fourth decimal place is 5 or above, round it up. If the rounded result is less than 1, the rounded result becomes 1. Multiply $2,364.00 by the rounded result. If the result includes a number of cents, round the result to the nearest dollar. Round up an amount of 50 cents. The result is the maximum weekly wage for the period starting on 1 August 2013 and ending at the end of 30 June 2014. |
(3) The maximum weekly wage for the year starting on 1 July 2014 is the maximum weekly wage for the period starting on 1 August 2013 and ending at the end of 30 June 2014, indexed using the following steps.
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Steps |
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Step 1 |
Identify the last assessment of current average weekly ordinary time earnings published by the Australian Statistician before 1 July of the year for which the calculation is being made. Note: This is the most recently published amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employers in Australia. |
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Step 2 |
Divide it by the last assessment of current average weekly ordinary time earnings published by the Australian Statistician before 1 July of the previous year. Note: This is the most recently published amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employers in Australia. |
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Step 3 |
Round the result to 3 decimal places. If the fourth decimal place is 5 or above, round it up. If the rounded result is less than 1, the rounded result becomes 1. Multiply the maximum weekly wage for the period starting on 1 August 2013 and ending at the end of 30 June 2014 by the rounded result. If the result includes a number of cents, round the result to the nearest dollar. Round up an amount of 50 cents. The result is the maximum weekly wage for the year starting on 1 July for which the calculation is being made. |
(4) The maximum weekly wage for a year starting on 1 July 2015, or a later year starting on 1 July, is the maximum weekly wage for the previous year, indexed using the following steps.
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Steps |
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Step 1 |
Identify the last assessment of current average weekly ordinary time earnings published by the Australian Statistician before 1 July of the year for which the calculation is being made. Note: This is the most recently published amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employers in Australia. |
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Step 2 |
Divide it by the last assessment of current average weekly ordinary time earnings published by the Australian Statistician before 1 July of the previous year. Note: This is the most recently published amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employers in Australia. |
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Step 3 |
Round the result to 3 decimal places. If the fourth decimal place is 5 or above, round it up. If the rounded result is less than 1, the rounded result becomes 1. Multiply the maximum weekly wage for the previous year by the rounded result. If the result includes a number of cents, round the result to the nearest dollar. Round up an amount of 50 cents. The result is the maximum weekly wage for the year starting on 1 July for which the calculation is being made. |