Document ID: chunk:federal_register_of_legislation:C2004A00956:clause:1_5:p1
Version: federal_register_of_legislation:C2004A00956
Segment Type: clause
Provision Reference: sch 1 cl 5 (pt 1/2)
Character Range: 6023–8730

5  Adjustment factors

 (1) The 4 adjustment factors used in the formula in clause 1, for 1 July in a particular year, are to be worked out under this clause.

 (2) Each adjustment factor is the amount of percentage points worked out by applying the following formula for that factor:
where:

expenditure, for a financial year, means the amount specified in the most recent annual report as being:
 (a) in the case of the Rural Arterial Road Expenditure adjustment factor—the estimated amount of expenditure on rural arterial roads for the year; and
 (b) in the case of the Urban Arterial Road Expenditure adjustment factor—the estimated amount of expenditure on urban arterial roads for the year; and
 (c) in the case of the Rural Local Road Expenditure adjustment factor—the estimated amount of expenditure on rural local roads for the year; and
 (d) in the case of the Urban Local Road Expenditure adjustment factor—the estimated amount of expenditure on urban local roads for the year.

most recent annual report means the annual report of the National Road Transport Commission that was tabled in each House of the Parliament most recently before the 1 July in question.

Year 1 means the financial year immediately before Year 2.

Year 2 means the financial year immediately before Year 3.

Year 3 means the financial year immediately before Year 4.

Year 4 means the latest financial year for which all 4 of the amounts of estimated expenditure mentioned in the definition of expenditure are specified in the most recent annual report.

Example: Suppose that, on 1 July 2003, the most recent annual report to have been tabled is the annual report for 2001‑02 and that the latest financial year for which that report contains the relevant expenditure figures is 2000‑01. Year 4 would therefore be 2000‑01, for the purpose of working out the 1 July 2003 increase.

Rounding

 (3) The amount of percentage points worked out under subclause (2) is to be rounded up or down to 4 decimal places (rounding an amount of 0.00005 percentage points upwards).

Example: An amount of 2.35065 percentage points would be rounded up to 2.3507 percentage points.

Transitional—special data for 1 July 2002

 (4) In working out the 4 adjustment factors for 1 July 2002:
 (a) the amounts of the relevant kinds of expenditure mentioned in the definition of expenditure in subclause (2) are taken to be those specified, for each of Years 1 to 4, in a document entitled "Road Transport Charges Expenditure Data—July 2002 adjustment" that is published by the National Road Transport Commission for the purposes of this clause, instead of the amounts specified in the most recent annual report; and
 (b) Year 4 is taken to