Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this section, where a person suffers loss, injury or damage by reason of the compliance by the person with a direction under Part II, there is payable to the person by the Commonwealth such amount of compensation in respect of that loss, injury or damage as is agreed between the Commonwealth and the person or, failing agreement, as is determined by a court of competent jurisdiction.
(2) In assessing the amount of compensation payable under subsection (1) in respect of loss, injury or damage suffered by a person, account is to be taken only of so much of the loss, injury or damage as the person is not, and is not likely to be, in a position to make good from the market supplied by the person.
(3) Compensation is not payable under subsection (1) in respect of loss, injury or damage suffered by a person unless the person lodges a claim for compensation with the Minister within 12 months, or such longer period (if any) as is prescribed, after the loss, injury or damage was suffered.
(4) Any damages or compensation recovered or other remedy given in proceedings that are instituted otherwise than by virtue of this section shall be taken into account in assessing compensation payable in proceedings that are instituted under this section and that arise out of the same event or transaction.