Simon Birmingham (SA, Liberal Party, Minister for Education and Training) Share this | Hansard source

I table a supplementary explanatory memorandum relating to the government amendments to be moved to this bill, and I seek leave to move government amendments (1) to (3) and (6) to (12) on sheet EK131 together.

Leave granted.

I move:

(1) Clause 2, page 2 (table item 2), omit the table item, substitute:

[repayment thresholds—commencement]

(2) Schedule 1, item 1, page 3 (line 6), omit paragraph 154-10(a), substitute:

(a) for the 2019-20 income year—$45,880; or

[HELP repayment thresholds]

(3) Schedule 1, item 2, pages 3 to 5 (table), omit the table, substitute:

(6) Schedule 1, item 9, page 9 (line 7), omit "2019-20", substitute "2020-21".

[indexation of HELP repayment thresholds]

(7) Schedule 1, item 9, page 9 (line 13), omit "2018-19", substitute "2019-20".

[indexation of HELP repayment thresholds]

(8) Schedule 1, item 9, page 9 (formula), omit the formula, substitute:

[indexation of HELP repayment thresholds]

(9) Schedule 1, item 17, page 11 (line 4), omit "2018-19", substitute "2019-20".

[repayment thresholds—application of amendments]

(10) Schedule 1, item 17, page 11 (line 6), omit "2019-20", substitute "2020-21".

[repayment thresholds—application of amendments]

(11) Schedule 1, item 18, page 11 (line 9), omit "2018-19", substitute "2019-20".

[indexation of HELP repayment thresholds—transitional]

(12) Schedule 1, item 18, page 11 (line 11), omit "2018-19", substitute "2019-20".

[indexation of HELP repayment thresholds—transitional]

Given that the bill did not pass before the 1 July 2018 intended start date and the thresholds are based on tax and financial years, it's proposed now that the new threshold will come into effect on 1 July 2019. The thresholds will apply, having been indexed as was initially proposed. Therefore the new first repayment threshold will be $45,881 at the new one per cent repayment rate, reflecting CPI indexation of the previous $45,000 threshold in line with its commencement, now proposed for 1 July 2019. That will rise in progressive instalments to $134,373 for the 10 per cent repayment threshold.