New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 31B

31B Calculation of adjustment percentage

(1) For the purposes of the definition of "adjustment percentage" in section 31A (1), the percentage for a year shall be calculated:

(a) if the Index number for the June quarter in that year is greater than the Index number for the immediately preceding June quarter-in accordance with the following formula:

(b) if the Index number for the June quarter in that year is less than the Index number for the immediately preceding June quarter-in accordance with the following formula:

"P" is the percentage to be obtained,
"C" is the Index number for the June quarter in that year, and
"L" is the Index number for the immediately preceding June quarter.

(2) Where:

(a) the percentage calculated for a year in accordance with subsection (1) (b) is less than 1.0 per centum, or

(b) the Index number for the June quarter in that year is the same as the Index number for the immediately preceding June quarter,

there shall be deemed to be no adjustment percentage for that year.

(3) Where there is deemed to be no adjustment percentage for a year, then, for the purposes of calculating the percentage for the next year:

(a) the Index number for the June quarter in the firstmentioned year shall be deemed not to have been published, and

(b) the Index number for that quarter shall be deemed to be the same as the Index number for the June quarter in the last year for which there was an adjustment percentage.

(4) If at any time, whether before or after the commencement of this Part, the Australian Statistician has published in respect of a particular June quarter an Index number in substitution for an Index number previously published by him in respect of that quarter:

(a) except as provided in paragraph (b)-the publication of the later Index number shall be disregarded, or

(b) if the Minister so directs-regard shall, after the direction is given, be had to the later and not to the earlier Index number,

for the purposes of this Part.

(5) Notwithstanding subsection (4), if at any time after the commencement of this Part the Australian Statistician changes the reference base for the Consumer Price Index (All Groups Index) for Sydney, then, for the purposes of the application of this Part after the change takes place, regard shall be had only to Index numbers published in terms of the new reference base.