8Determination of final factor

8 Determination of final factor

(1) The Treasurer must, not later than 30 June in each year (the current year), cause a factor in relation to the current year to be worked out by: (a) calculating, to 4 decimal places, the factor using the formula: Image unavailable in extracted text where: index number means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Statistician in respect of the March quarter in the current year. population of Australia has the meaning given by paragraph 4A(1)(d). previous index number means the index number in respect of the March quarter in the year immediately before the current year. previous population of Australia means the population of Australia that was used in working out the factor under this section in relation to the year immediately before the current year; and (b) if the factor calculated under paragraph (a) would, if it were calculated to 5 decimal places, end in a number greater than 4—increasing that factor by 0.0001; and (c) if the Treasurer considers that there are special circumstances for doing so—increasing or decreasing the factor calculated under paragraph (a) (as increased by any amount under paragraph (b)) by such amount as the Treasurer considers appropriate. (1A) For the purposes of the formula in paragraph (1)(a), if the Statistician changes the index reference period for an index number, only index numbers published in terms of the new index reference period are to be used after the change. (2) In making a decision under paragraph (1)(c), the Treasurer is to have regard to the following matters: (a) the objects of the Parliament in enacting this Act, as set out in section 3; and (d) any other matters that the Treasurer thinks relevant. (3) The Treasurer must, not later than 30 June in each year, cause to be given to the Minister a written notice: (a) setting out the factor worked out under subsection (1) in relation to the year; and (b) explaining the basis on which the factor was worked out. (4) The Minister must cause a copy of the notice to be given to the Treasurer of each State.