Document ID: chunk:federal_register_of_legislation:F2024L00812:reg:8
Version: federal_register_of_legislation:F2024L00812
Segment Type: reg
Provision Reference: reg 8
Character Range: 5154–7451

8  How the estimated factor has been worked out
 (1) Under subsection 8(1) of the Act, the factor in relation to the 2024‑25 year is to be worked out by applying the formula set out in paragraph 8(1)(a) of the Act and then adjusting the result under whichever of paragraphs 8(1)(b) and (c) of the Act are applicable.
 (2) The factor calculated for the purposes of paragraph 8(1)(a) of the Act is as follows:

Note 1: For the purposes of section 4A, the Statistician made the estimate of the population of Australia as at 31 December 2023 on 13 June 2024 (published and available at www.abs.gov.au).
Note 2: For the purposes of section 4A, the Statistician made the estimate of the population of Australia as at 31 December 2022 on 13 June 2024 (published and available at www.abs.gov.au).
Note 3: The formula uses the 2024-25 Budget forecast of the Department of the Treasury of the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, in respect of the 2025 March quarter.
Note 4: The formula uses the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published on 24 April 2024 by the Statistician in respect of the 2024 March quarter (published and available at www.abs.gov.au).

Paragraph 8(1)(b) modification
 (3) The result of subsection (2) was modified by increasing the factor by 0.0001 for the purposes of paragraph 8(1)(b) of the Act as the fifth decimal place was greater than 4.

Paragraph 8(1)(c) modification
 (4) The result of subsection (3) was modified under paragraph 8(1)(c) of the Act as a result of special circumstances, being the need to account for the Commonwealth's decision to bring forward 85 per cent of the payments in the 2024‑25 year into the 2023-24 year.  The modification was worked out by multiplying the result of subsection (3) by the following formula:

Where:
2023-24 amount means 85 per cent of the payments that were brought forward from the year 2024-25 to be paid in the year 2023-24.
2024-25 amount means the amount that would have been the base figure for the year 2024-25 if the Commonwealth had not decided to bring forward any payments.
2023-24 final entitlement means the base figure for the year 2023-24.
subsection (3) factor means the result of subsection (3).