(1) The election
funding reimbursement amount —
(a) is
taken, as at 30 June 2006, to have been $1.39413; and
(b)
thereafter is the amount worked out, to 5 decimal places, under subsection
(2).
(2) The election
funding reimbursement amount is taken to have been adjusted on 1 July 2006 and
is to be adjusted for each subsequent financial year on 1 July of that
financial year using the formula —
where —
A is the election funding reimbursement amount
immediately before 1 July in a year; and
B is the CPI number published for the March
quarter in the year; and
C is the CPI number published for the March
quarter in the previous year.
(3) In subsection (2)
—
CPI means the all groups consumer price index for
Perth published by the Australian Statistician referred to in section 5 of the
Australian Bureau of Statistics Act 1975 of the Commonwealth.
(4) If, for a
particular financial year, adjustment of the election funding reimbursement
amount would reduce the amount, the amount is not to be adjusted for the year.
(5) If an amount
would, if calculated to 6 decimal places, end with a number more than 4, the
amount is taken to be the amount calculated to 5 decimal places and increased
by 0.00001.
[Section 175LC inserted: No. 55 of 2006 s. 6.]