1.1.I.110 Index number
This definition applies to most payments and to many numerical thresholds and limits.
Generally speaking, an index number is a number which measures a quantity such as prices or wages at a point, or for a period, in time relative to what the number was at a previous point, or for a previous period, in time. In the SSAct, the term 'index number' refers to the numerical value of the CPI and the term 'living cost index number' refers to the numerical value of the Pensioner and Beneficiary Living Cost Index (PBLCI). Both of these indices are produced and released by the Australian Statistician.
Please refer to the definition of the above indices in the SSAct.
Act reference: SSAct section 9A Meaning of asset - test exempt income stream - lifetime income streams, section 9B Meaning of asset - test exempt income stream - life expectancy income streams, section 20(1)-'index number', section 1197(2) For the purposes of this section, the living cost index number…