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.