The premium is calculated based on the (or estimated value). The more expensive the project, the higher the tier—but the rate per dollar decreases slightly at higher tiers.
Premiums are calculated based on the of the project, which encompasses the total contract price. The QBCC maintains separate premium tables for different types of work: New Home Construction: For the erection of a new residence.
The QBCC updates these tables to reflect legislative changes and levy adjustments. If you are looking at the official QBCC website, you can trust that the figures are current for the financial year.