Explanatory Memorandum(Circulated by authority of the Attorney-General, Senator the Hon George Brandis QC)
Schedule 5 - Indexation provisions
51 Many indexation provisions on the statute book that rely on the Consumer Price Index refer to the "reference base" for the Consumer Price Index or other things such as the All Groups Consumer Price Index, the Professional, Scientific and Technical Services Labour Price Index, the Wage Price Index, the Pensioner and Beneficiary Living Cost Index and the GDP deflator. The Australian Bureau of Statistics now prefers the terminology of "index reference period" rather than "reference base". The items in this Schedule continue an ongoing project to make amendments to those indexation provisions to refer to the index reference period. The changes are technical in nature and do not change the legal effect of the provisions.