What is Awote used for?

What is Awote used for?

Average Weekly Ordinary Time Earnings (“AWOTE”) is a statistic used to index certain superannuation thresholds and a range of Commonwealth legislation including Child Support, Higher Education Funding and certain Excise Tariffs.

What does Awote mean?

Definition. The AWOTE is an ABS measure of earnings by Australians from ordinary time work each week. It is published biannually by the ABS.

What is the average weekly income in Australia?

The date from May showed Aussie professionals working 38 hours a week are now earning $1737.10 a week. It also showed a 1.4 per cent rise in the average salary, excluding bonuses and overtime, compared to last year bringing up the average salary to $90,329.

What is Awote rate?

The Average Weekly Ordinary Time Earnings (AWOTE) tell you what rate applies to an employee’s salary for super where there has been a salary reduction. To update salary for super using AWOTE, refer to the “Date of Publication” as the used in the calculation. …

Does Awote include superannuation?

AWOTE does not include employer superannuation contributions.

What is the current CPI rate in Australia?

Index reference base – 2011–12

What is the inflation rate from 2016 to 2020?

The 2016 inflation rate was 1.26%. The current year-over-year inflation rate (2020 to 2021) is now 5.25% 1….Value of $1 from 2016 to 2021.