New South Wales Consolidated Acts New South Wales Consolidated ActsIn this Schedule, the
"maximum compensation amount" means the maximum amount of compensation in
respect of the disadvantage resulting from relocation.
The regulations may amend section 60 to increase the maximum compensation amount. Any such regulation may exclude or modify the application of clause 3 as a consequence of the increase in the maximum compensation amount.
(1) The maximum compensation amount is to be adjusted for inflation as provided by this clause on 1 July 2017 and on 1 July in each subsequent year.
(2) The maximum compensation amount is to be adjusted on each 1 July by multiplying the maximum compensation amount immediately before that 1 July bywhere--
"B" is the Consumer Price Index number for the last quarter for which such a number was published before that 1 July.
"A" is the Consumer Price Index number for the last quarter for which such a number was published before the previous 1 July.
(3) However, the maximum compensation amount is not to be adjusted ifis less than 1 (as a result of deflation).
(4) If the adjusted maximum compensation amount results in an amount that is not a whole number multiple of $1, the adjusted amount is to be rounded up to the nearest whole number multiple of $1.
(5) The Secretary of the Department of Planning, Industry and Environment is to publish notice of each adjusted maximum compensation amount under this clause on the NSW legislation website.
(6) In this clause--
"Consumer Price Index" means the Consumer Price Index (All Groups Index) for Sydney published by the Australian Statistician.
"Consumer Price Index number" , in relation to a quarter, means the number for that quarter appearing in the Consumer Price Index.
Any increase in the maximum compensation amount under this Schedule applies to an acquisition of land on or after the increase has effect.