111BIncreases in pensions

111B Increases in pensions

(1) Subject to this Part, if the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of the half‑year immediately preceding a prescribed half‑year exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of any earlier half‑year, not being a half‑year earlier than the half‑year that commenced on 1 July 1985, a person who was in receipt of a pension immediately before the commencement of that prescribed half‑year is entitled to an increase, as ascertained in accordance with this regulation, in the amount of the annual pension that was payable to him immediately before the commencement of that prescribed half‑year. (2) The increase provided for by subregulation (1) in the amount of the annual pension payable to a person immediately before the commencement of a prescribed half‑year is the prescribed percentage of the amount of that annual pension. (3) For the purposes of this regulation, the prescribed percentage is a percentage ascertained in accordance with the formula: Start formula start fraction 100 open bracket A minus B close bracket over B end fraction end formula where:

A is the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of the half‑year immediately preceding the prescribed half‑year; and

B is the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of any half‑year earlier than the half‑year immediately preceding the prescribed half‑year but not being earlier than the half‑year that commenced on 1 July 1985.