8How the estimated factor has been worked out

8 How the estimated factor has been worked out

Under subsection 8(1) of the Act, the factor in relation to the 2023‑24 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.

(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 2022 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 2021 on 15 June 2023 (published and available at www.abs.gov.au).

Note 3: The formula uses the 2023-24 Budget forecast of the Department of the Treasury of the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, in respect of the 2024 March quarter.

Note 4: 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).

Paragraph 8(1)(c) modification (3) The result of subsection (2) 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 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 (2) by the following formula:

Start formula open bracket start fraction 2023-24 amount minus 2022-23 amount over 2022-23 final entitlement end fraction close bracket times open bracket start fraction 1 over sub (2) factor end fraction close bracket end formula

Where:

2022-23 amount means all of the payments that were brought forward from the year 2023-24 to be paid in the year 2022-23.

2023-24 amount means the amount that would have been the base figure for the year 2023-24 if the Commonwealth had not decided to bring forward any payments.

2022-23 final entitlement means the base figure for the year 2022-23.