Document ID: chunk:federal_register_of_legislation:F2023L00381:reg:6
Version: federal_register_of_legislation:F2023L00381
Segment Type: reg
Provision Reference: reg 6
Character Range: 2268–4319

6  Maximum weekly wage
 (1) For the purposes of 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 year starting on 1 July 2022 is $2,585.
Note: $2,585 is the result of indexation of the maximum weekly wage in accordance with the Fair Entitlements Guarantee (Indexation of Maximum Weekly Wage) Regulation 2013 before the repeal of that instrument.
 (3) The maximum weekly wage for a year starting on 1 July 2023, or a later year starting on 1 July, is the maximum weekly wage for the previous year, indexed using the following steps.

Step    Indexation
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 (before 1 July of the year for which the calculation is being made) amount of the average weekly ordinary time earnings, seasonally adjusted, for full‑time adult employees of all employers in Australia.
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 (before 1 July of the previous year) amount of the average weekly ordinary time earnings, seasonally adjusted, for full‑time adult employees of all employers in Australia.
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.