23Indexation—Consumer Price Index

23 Indexation—Consumer Price Index

(1) In this section:

commencing day means the day on which this section commences.

index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

relevant amount means the amount specified in subsection 30(2), 31(9), (10) or (11), 39(9), 41(2), 43(2) or (4) or 44(1).

relevant year means the period of 12 months starting on 1 July 1992, and each later period of 12 months.

(2) Subject to subsection (3), if (whether before, on or after the commencing day) the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published in respect of that quarter, the publication of the later index number must be disregarded for the purposes of this section. (3) If (whether before, on or after the commencing day) the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard must only be had to the index number published in terms of the new index reference period. (4) If the factor worked out under subsection (5) in relation to a relevant year is greater than one, this Act has effect as if for each relevant amount there were substituted, on the first day of that relevant year, an amount worked out by multiplying by that factor: (a) if, because of one or more other applications of this section, this Act has effect as if another amount or amounts were substituted for the relevant amount—the substituted amount or the last substituted amount; or (b) in any other case—the relevant amount. (5) The factor worked out in relation to a relevant year is the number (calculated to 3 decimal places) worked out by dividing the index number of the December quarter immediately before the relevant year by the index number for the December quarter immediately before that first‑mentioned December quarter. (6) If the factor worked out in relation to a relevant year would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor in relation to that relevant year is taken to be the factor calculated to 3 decimal places in accordance with subsection (5) and increased by 0.001.