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Each instrument that is specified in Schedule 1 to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.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