Universities Accord (Student Support and Other Measures) Act 2024 (108 of 2024)
Schedule 1 HELP indexation
Part 3 Consequential amendments relating to Part 1 of this Schedule
Social Security Act 1991
33 Subsection 1061ZZCH(3)
Repeal the subsection, substitute:
(3) The CPI indexation factor for the test period is worked out using the following method statement:
Method statement
Step 1. Work out the total of the index number for the March quarter in the later reference period and the index numbers for the 3 immediately preceding quarters.
Step 2. Work out the total of the index number for the March quarter in the earlier reference period and the index numbers for the 3 immediately preceding quarters.
Step 3. The CPI indexation factor for the test period is the total under step 1 divided by the total under step 2, rounded to 3 decimal places.
(3A) The WPI indexation factor for the test period is worked out using the following method statement:
Method statement
Step 1. Work out the total of the index number for the March quarter in the later reference period and the index numbers for the 3 immediately preceding quarters.
Step 2. Work out the total of the index number for the March quarter in the earlier reference period and the index numbers for the 3 immediately preceding quarters.
Step 3. The WPI indexation factor for the test period is the total under step 1 divided by the total under step 2, rounded to 3 decimal places.