Clean Energy (Household Assistance Amendments) Act 2011 (141 of 2011)

Schedule 3   Clean energy payments under the Veterans' Entitlements Act

Part 3   Indexation

Veterans' Entitlements Act 1986

53   After subsection 198(8A)

Insert:

Indexation of rates relating to clean energy supplements

(9) This Act has effect as if, on each adjustment day on or after 20 September 2013, there were substituted, for each of the following rates:

(a) CES 22(3) rate;

(b) CES 22(4) rate;

(c) CES 23(4) rate;

(d) CES 24(4) rate;

(e) CES 30(1) rate;

the rate worked out by multiplying the appropriate rate immediately before that day by the factor (the CES indexation factor ) worked out under subsection (9A) and rounding the product to the nearest $0.10 a fortnight (rounding up if the product is not a multiple of $0.10 but is a multiple of $0.05).

(9A) The CES indexation factor is:

(a) the result of the following formula, rounded to 3 decimal places (rounding up if the number in the fourth decimal place is greater than 4); or

(b) 1 if the result of paragraph (a) is less than 1.

Index number for most recent reference quarter before adjustment day / Index number for base quarter

where:

base quarter means the June quarter or December quarter that:

(a) occurs before the most recent reference quarter before the adjustment day but not before the June quarter of 2011; and

(b) has the highest index number of all the June quarters and December quarters covered by paragraph (a).

reference quarter means June quarter or December quarter.