Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The monetary value of a penalty unit is:
(a) $162 for the financial year ending on 30 June 2023; and
(b) the amount calculated in accordance with subsections (2) and (3) for the financial years following 30 June 2023.
(2) The formula is:
A = B x
where:
A is the monetary value of a penalty unit for the financial year for which the calculation is made (the relevant financial year ) (subject to rounding, if necessary, in accordance with subsection (3)).
B is $130.
C is the average of the CPI figures for Darwin for each of the 4 quarters of the calendar year immediately preceding the relevant financial year, as published most recently before 1 April immediately preceding the beginning of the relevant financial year, rounded to one decimal place.
D is the average of the CPI figures for Darwin for each of the 4 quarters of the calendar year 2008, as most recently published before 1 April immediately preceding the beginning of the relevant financial year.
(3) If the monetary value of a penalty unit, calculated in accordance with subsection (2), increases but is not a multiple of $1, the amount must be rounded down to the nearest multiple of $1.
Example for subsection (3)
By calculating in accordance with the formula in subsection (2), A is equal to $132.20, which is not a multiple of $1. Therefore, A is rounded down to the nearest multiple of $1 which gives a value of $132.
(5) In this section:
"CPI figure for Darwin "means the Consumer Price Index: All Groups Index Number for Darwin published by the Australian Statistician under the authority of the Census and Statistics Act 1905 (Cth).
"quarter", of a calendar year, means the period of 3 months ending at the end of March, June, September or December in that year.