Regulation 5.42A — Indexation of certain amounts

5.42A Indexation of certain amounts

(1) If the indexation factor for an indexation day is greater than 1, the dollar amounts mentioned in the definitions of core skills income threshold and specialist skills income threshold in regulation 1.03 are, on that day, replaced by the amounts worked out using the following formula: Dollar amount immediately Indexation factor for the indexation day before the indexation day

(2) The amount worked out under subregulation (1) is to be rounded to the nearest whole dollar (rounding 50 cents upwards).

Indexation factor

(3) The indexation factor for an indexation day is the number worked out using the following formula: AWOTE amount for the reference quarter AWOTE amount for the base quarter

(4) The indexation factor is to be worked out to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

Publication of indexable amounts

(5) If the indexable amount is replaced under subregulation (1) on an indexation day, the Secretary must cause the replacement indexable amount to be published on the Department’s website as soon as practicable after the indexation day. However, a failure by the Secretary to do so does not invalidate the indexation.

Definitions

(6) In this regulation: AWOTE amount, for a quarter, means the estimate of the full-time adult average weekly ordinary time earnings for persons in Australia for the middle month of the quarter published by the Australian Statistician in relation to that month. base quarter means the last December quarter before the reference quarter. December quarter means a period of 3 months starting on 1 October. indexation day means the first 1 July to occur after the commencement of this regulation and each later 1 July. reference quarter means the most recent December quarter before the indexation day.

Division 5.8—Multiple parties in migration litigation