If paid fortnightly, annual pay is calculated as:

$ fortnightly × 26.08333333...

Why? Every year there are 52 weeks plus one day (or two days in a leap year); this works out at 313 pay periods over 12 years. Therefore:

$ fortnightly × (313/12)

Howard's disastrous industrial relations "reform" package promises to make working conditions worse while decreasing pay.