Adjustment for inflation: regulation 13
14 Adjustment for inflation: regulation 13
Adjustment must be made for inflation for the purposes of regulation 13 by calculating interest on the value of the building work or demolition work as stated in the application for the building permit or demolition permit at the CPI rate as determined by the Building Commissioner under subregulation (2).
The CPI rate to be used under subregulation (1) must be determined by the Building Commissioner in accordance with the following —
the rate is the percentage by which the Index for the quarter ending in March immediately prior to the determination is greater than the CPI for the quarter ending in March of the previous year;
if the CPI for the quarter ending in March immediately prior to the determination is not greater than the CPI for the quarter ending in March of the previous year, the CPI rate is nil.
In subregulation (2) —
CPI means the all groups consumer price index for Perth published by the Australian Statistician referred to in the Australian Bureau of Statistics Act 1975 (Commonwealth) section 5.
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