New South Wales Consolidated Acts

CROWN LANDS (CONTINUED TENURES) ACT 1989 - SECT 17

17 General provisions applicable to CPI adjustments

(1) This section applies in respect of a provision of this Act that provides for the adjustment of an amount by reference to the Consumer Price Index (a "CPI adjustment provision").

(2) If a CPI adjustment provision requires regard to be had to a Consumer Price Index number published before a due date in respect of rent or an instalment, regard may be had to the last Index number so published before a notice or invoice of the rent or instalment payable by the person liable to pay the rent or instalment is sent to the person concerned.

(3) If the Australian Statistician publishes a Consumer Price Index number in respect of a particular quarter after the notice or invoice is sent:

(a) except as provided by paragraph (b)-the publication of the later Index number is to be disregarded, or

(b) if the Minister so directs-regard is to be had to the later and not to the earlier number.

(4) If the Australian Statistician publishes a Consumer Price Index number in respect of a particular quarter in substitution for a Consumer Price Index number previously published in respect of that quarter:

(a) except as provided by paragraph (b)-the publication of the later Index number is to be disregarded, or

(b) if the Minister so directs-regard is to be had to the later and not to the earlier number.

(5) If the reference base for the Consumer Price Index is changed, regard is to be had only to Index numbers published in terms of the new reference base or to Index numbers converted to the new reference base in accordance with an arithmetical conversion factor specified by the Australian Statistician.

(6) An adjustment under a CPI adjustment provision is to be made to the nearest whole dollar.