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

38   After subsection 1061ZZET(1)

Insert:

(1A) The CPI indexation factor for the relevant year 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 relevant year and the index numbers for the 3 quarters that immediately preceded that quarter.

Step 2. Work out the total of the index number for the March quarter immediately before the relevant year and the index numbers for the 3 immediately preceding quarters.

Step 3. The CPI indexation factor for the relevant year is the total under step 1 divided by the total under step 2, rounded to 3 decimal places.

(1B) The WPI indexation factor for the relevant year is worked out using the following method statement:

Method statement

Step 1. Work out the total of the WPI index number for the March quarter in the relevant year and the WPI index numbers for the 3 quarters that immediately preceded that quarter.

Step 2. Work out the total of the WPI index number for the March quarter immediately before the relevant year and the WPI index numbers for the 3 immediately preceding quarters.

Step 3. The WPI indexation factor for the relevant year is the amount under step 1 divided by the amount under step 2, rounded to 3 decimal places.