Document ID: chunk:federal_register_of_legislation:C2017C00106:section:5:p12
Version: federal_register_of_legislation:C2017C00106
Segment Type: section
Provision Reference: s 5 (pt 12/24)
Character Range: 32376–35206

for the purpose of applying a formula referred to in this clause after the change is made, regard shall be had only to the index number provided in terms of the new reference base.

(3) Where the figure in respect of the first or second grant year, as ascertained in accordance with the definitions of "agreed index in respect of the Commonwealth grant" and "agreed index in respect of the State expenditure" in sub‑clause (1), would, but for the operation of this sub‑clause, be less than one, that figure shall be taken to be one.

(4) For the purposes of any formula specified in this clause—
    (a) agreed index in respect of the provisional Commonwealth grant and the provisional State expenditure shall be denoted by—
        (i) in relation to the first grant year—a1; or
        (ii) in relation to the second grant year—a2; and
    (b) agreed index in respect of the Commonwealth grant and the State expenditure shall be denoted by—
        (i) in relation to the first grant year—b1; or
        (ii) in relation to the second grant year—b2.

(5) There shall in respect of the first and second grant years be determined, in accordance with the provisions of this agreement, figures which shall be agreed upon in writing between the Commonwealth Minister and the State Minister, to be known respectively as the Commonwealth grant and the State expenditure.

(6) There shall be calculated as soon as practicable in relation to the first and second grant years, figures which shall be agreed upon in writing between the Commonwealth Minister and the State Minister to be known, with respect to that grant year, as the provisional Commonwealth grant and the provisional State expenditure respectively, being estimates of the Commonwealth grant and the State expenditure respectively.

(7) The Commonwealth Minister and the State Minister may adjust the provisional Commonwealth grant and the provisional State expenditure at any time prior to their becoming a Commonwealth grant and the State expenditure respectively to accord with variations in estimates or with the terms of any relevant agreement between the Commonwealth Minister and the State Minister.

(8) When the agreed index in respect of the Commonwealth grant and in respect of the State expenditure may be calculated in respect of the first or second grant year, the provisional Commonwealth grant and the provisional State expenditure shall be considered by the Commonwealth Minister and the State Minister for the purposes of them agreeing, as required by sub‑clause (5), upon the Commonwealth grant and the State expenditure in respect of that grant year.

(9) Any financial adjustment arising from differences between the provisional Commonwealth grant and the Commonwealth grant, and between the provisional State expenditure and the State expenditure for