(1)  Until 1 September 2018, the royalty payable by the holder of a fishing licence (King Island kelp) is $30 for each dry tonne of kelp taken under the authority of that licence.

(2)  For the licensing year commencing on 1 September 2018, and for each subsequent licensing year, the royalty payable by the holder of a fishing licence (King Island kelp) is, for each dry tonne of kelp taken under the authority of that licence, an amount calculated in accordance with the following formula:

where –

A is the amount of royalty, rounded down to the nearest dollar;

B is $30;

C is the value of the CPI figure for Hobart for the June quarter immediately preceding the licensing year in which the value of the royalty is to apply;

D is the value of the CPI figure for Hobart for the June quarter 2017.

(3)  For the purposes of subregulation (2) –

CPI figure for Hobart means the Consumer Price Index: All Groups Index Number for Hobart published by the Australian Statistician under the authority of the Census and Statistics Act 1905 of the Commonwealth.