Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) The amount of remuneration set out in Schedule 2 is increased on 1 July 2014, and on each second 1 July following that day.
(2) If, in a relevant period, the latest CPI number is greater than the earlier CPI number, the remuneration increases, 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 start of the relevant period.
"latest CPI number" is the CPI number for the last March quarter before the end of the relevant period.
"remuneration" is the amount of remuneration in force at the end of the relevant period.
(3) If, apart from this clause, remuneration increased under subsection (2) would be an amount of dollars and cents, the amount is taken to be rounded to the nearest whole dollar and, if the amount to be rounded is 50 cents, rounded down.
(4) If the Australian Statistician publishes for a particular March quarter a CPI number in substitution for a CPI number previously published by the Australian Statistician for that quarter, the publication of the later CPI number is disregarded for this section.
(5) However, if the Australian Statistician changes the reference base for the Consumer Price Index, then for the application of this section after the change is made, regard must be had only to CPI numbers published in terms of the new reference base.
(6) In this section:
"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.
"March quarter" means a period of 3 months ending at the end of March.
relevant period means a 2 year period beginning on 1 July 2012 or on each second 1 July following that day.