6How the final factor was worked out

6 How the final factor was worked out

(1) Under subsection 8(1) of the Act, the factor in relation to the 2022‑23 year is to be worked out by applying the formula set out in paragraph 8(1)(a) of the Act and then adjusting the result under whichever of paragraphs 8(1)(b) and (c) of the Act are applicable. Paragraph 8(1)(a) formula (2) The factor calculated under paragraph 8(1)(a) of the Act is as follows:

The factor calculated under paragraph 8(1)(a) of the Act

Note 1: Under section 4A, the Statistician made the estimate of the population of Australia as at 31 December 2021 on 15 June 2023 (published and available at www.abs.gov.au).

Note 2: Under section 4A, the Statistician made the estimate of the population of Australia as at 31 December 2020 on 28 June 2022 (published and available at www.abs.gov.au).

Note 3: The formula uses the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published on 26 April 2023 by the Statistician in respect of the 2023 March quarter (published and available at www.abs.gov.au).

Note 4: The formula uses the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published on 27 April 2022 by the Statistician in respect of the 2022 March quarter (published and available at www.abs.gov.au).

Paragraph 8(1)(b) modification (3) The result of subsection (2) was modified by increasing the factor by 0.0001 under paragraph 8(1)(b) of the Act as the fifth decimal place was greater than 4. Paragraph 8(1)(c) modification (4) The result of subsection (3) was modified under paragraph 8(1)(c) of the Act as a result of special circumstances, being the need to account for the Commonwealth’s decision to bring forward the first 3 quarterly payments in the 2022-23 year into the 2021-22 year and all of the payments in the 2023-24 year into the 2022-23 year. The modification was worked out by multiplying the result of subsection (3) by the following formula:

The modification was worked out by multiplying the result of subsection (3) by the following formula

Where:

2021-22 amount means the first 3 quarterly payments that were brought forward from the year 2022-23 to be paid in the year 2021-22.

2022-23 amount means the amount that would have been the base figure for the year 2022-23 if the Commonwealth had not decided to bring forward any quarterly payments.