Calculation of increase
4.31BB Calculation of increase
If, in a relevant period, the latest CPI number is greater than the earlier CPI number, a fee is taken to increase, on 1 July immediately following the end of the period, in accordance with the formula:
where:
earlier CPI number is the CPI number for the last March quarter before the beginning of the relevant period; and
latest CPI number is the CPI number for the last March quarter before the end of the relevant period.
If, apart from this subregulation, the amount of a fee increased under subregulation (1) would be an amount of dollars and cents, the amount is to be rounded to the nearest whole dollar and, if the amount to be rounded is 50 cents, rounded down.
Subject to subregulation (4), if at any time, whether before or after the commencement of this regulation, the Australian Statistician publishes for a particular March quarter a CPI number in substitution for an index number previously published by the Australian Statistician for that quarter, the publication of the later index number is to be disregarded for the purposes of this regulation.
If, at any time, whether before or after the commencement of this regulation, the Australian Statistician changes the reference base for the Consumer Price Index, then, for the purposes of the application of this regulation after the change is made, regard must be had only to numbers published in terms of the new reference base.
In this regulation:
CPI number means the All Groups Consumer Price Index number (being the weighted average of the 8 Australian capital cities) published by the Australian Statistician.
fee means:
a fee prescribed by subregulation 4.31B(1); or
the fee in force at the end of the relevant period if regulation 4.31BA applies.
relevant period means a financial year starting on or after 1 July 2024.
This Act’s bill:Explanatory statement
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