Document ID: chunk:federal_register_of_legislation:F2005B01231:body:0:p2
Version: federal_register_of_legislation:F2005B01231
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Character Range: 2601–5536

following formula:

     where:

                         New CPI is the all groups consumer price index number for the weighted average of the 8 capital cities first published by the Australian Statistician in respect of the March quarter immediately before the relevant 1 July; and

                         Old CPI is the highest all groups consumer price index number for the weighted average of the 8 capital cities first published by the Australian Statistician in respect of any September or March quarter earlier than the March quarter immediately before the relevant 1 July,

     provided:

               (A) the New CPI index number exceeds the Old CPI index number; and

               (B) the factor that results from division of New CPI less Old CPI by Old CPI is to be rounded up or down to the nearest one thousandth; and

               (C) the Board may reduce the amount where the pension, or on the death of a pensioner, the primary pension, was not payable for a half year before the relevant 1 July; and

               (D) any year that commenced before 1 July 1989 is excluded when determining Old CPI; and

               (E) if the Australian Statistician changes the reference base for the consumer price index, regard shall only be had to index numbers first published in terms of the new reference base.

     9.6.2 The increase in the pension calculated under Rule 9.6.1 applies to the instalment of pension falling due on the first pension payday after the relevant 30 June and to each subsequent instalment until next adjusted.

 Calculating January pension increases

     9.6.3 The annual pension, other than a partial invalidity pension, that:

              (a) was payable immediately before 1 January of any year; or

              (b) became payable on 1 January because a pensioner died on the immediately preceding 31 December;

     is to be increased by adding to that pension the amount calculated using the following formula:

     where:

                         New CPI is the all groups consumer price index number for the weighted average of the 8 capital cities first published by the Australian Statistician in respect of the September quarter immediately before the relevant 1 January; and

                         Old CPI is the highest all groups consumer price index number for the weighted average of the 8 capital cities first published by the Australian Statistician in respect of any March or September quarter earlier than the September quarter immediately before the relevant 1 January,

     provided:

               (A) the New CPI index number exceeds the Old CPI index number; and

               (B) the factor that results from division of New CPI less Old CPI by Old CPI is to be rounded up or down to the nearest one thousandth; and

               (C) the Board may reduce the amount where the pension, or on the death of a pensioner, the primary pension,