Offshore Petroleum and Greenhouse Gas Storage (Greenhouse Gas Injection and Storage) Regulations 2023
11Threshold amount
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11 Threshold amount
(1) For the purposes of subsections 25(6), 26(6), 27(6), 27A(6), 28(6), 28A(6) and 29(6) of the Act, the threshold amount on a day is: Start formula $7,000,000 times start fraction Most recent GDP deflator over Commencement GDP deflator end fraction end formula where:
commencement GDP deflator is the sum of the index numbers for the last 4 quarters before the commencement of this instrument.
index number, for a quarter, means the Implicit Price Deflator for Expenditure on Gross Domestic Product published by the Australian Statistician for that quarter.
most recent GDP deflator is the sum of the index numbers for the most recent 4 quarters for which index numbers have been published.
(2) Amounts are to be worked out under this section: (a) using only the index numbers published in terms of the most recently published index reference period for the Implicit Price Deflator for Expenditure on Gross Domestic Product; and (b) disregarding index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).