(1) For the purposes
of clauses 47A and 47B of Schedule 2 to the NGL, each civil penalty
amount and criminal penalty amount is to be adjusted in accordance with the
following formula —
where —
P is the amount that
applies on and from the date of the adjustment;
Pc is the amount that
applied immediately before the first adjustment;
A is —
(a) for
the 1 st adjustment — the sum of the index numbers for the 4
quarters in the 2022 calendar year; and
(b) for
each subsequent adjustment — the sum of the index numbers for the 4
quarters in the calendar year that ended most recently before the date of the
adjustment;
B is the sum of the
index numbers for the 4 quarters in the 2019 calendar year;
is calculated to the
nearest 3 decimal places (and a 4 th decimal place of 5 is to be rounded up).
(2) An amount adjusted
under this regulation is to be rounded up or down as follows —
(a) in
the case of an amount that is $10 000 or greater — to the
nearest multiple of $100 (with an amount of $50 rounded up);
(b) in
the case of an amount that is less than $10 000 — to the
nearest multiple of $10 (with an amount of $5 rounded up).
(3) If an amount
adjusted under this regulation is less than the amount that applied
immediately before the adjustment, the amount that applied immediately before
the adjustment applies instead.
(4) In this
regulation —
index number , for a quarter, means —
(a) the
All Groups Consumer Price Index number that is the weighted average of the 8
capital cities and is published by the Australian Statistician for that
quarter; or
(b) if
the Australian Statistician fails or ceases to publish that Index, another
index number determined by the MCE for that quarter.
[Regulation 13A inserted: SL 2024/185
r. 6.]