Northern Territory Numbered Acts

MONETARY UNITS ACT 2018. (NO 17 OF 2018) - SECT 6

    (1)     The formula to calculate a monetary unit is:

A = B x

where:

A is the amount, in dollars, of a monetary unit for the financial year for which the calculation is made.

B is $1.00.

C is the average of the CPI figures for Darwin for each of the 4 quarters of the calendar year immediately preceding the financial year for which the calculation is made.

D is the average of the CPI figures for Darwin for each of the 4 quarters of the calendar year 2016.

    (2)     The amount of a monetary unit, calculated in accordance with the formula in subsection (1), is to be rounded down to 2 decimal places.

Example for subsection (2)

If A is calculated to equal $1.129, A is then rounded down to 2 decimal places to the value of $1.12.