Subsection 99(2) of the 1971 Act says:
99(2) Subject to this section, the compensation that is payable under this Act to the employee in respect of...the injury that resulted in the death...is so much (if any) of the compensation as exceeds the amount of damages recovered...for the benefit of the dependant,...
This means that the court's award of damages is to be deducted from the compensation entitlement and only the remainder (if any) of that compensation entitlement is payable. If the compensation entitlement is less than the damages, nothing is payable.
If the full compensation entitlement had already been paid, i.e. before an amount of 'damages' was awarded by the relevant court, Subsection 99(3) provides that:
...the ...dependant is liable to pay to the Commonwealth the amount of the compensation so paid to him for his benefit or, of the amount of damages recovered by him or for his benefit is less than the amount of that compensation, the amount of those damages.
In other words, either the amount of compensation or the amount of damages (whichever is the lesser) is repayable to the Commonwealth.