Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)FINANCIAL IMPACT
The Bill provides a total net increase of $183.8 million to Part 2A HEFA funding limits for 1999, representing adjustments to section 17 funding to reflect revised HECS estimates and an increase of $11.3 million in the 1999 funding limit for section 23C offset by an equivalent under expenditure by institutions in 1998.
The Bill provides a total net increase of $255.5 million to Part 2A HEFA funding limits for the year 2000 representing adjustments to section 17 funding to reflect revised HECS estimates, supplementation for price movements and additional section 23C funding for research infrastructure and science lectureships.
The Bill also inserts new Part 2A funding limits for the year 2001 totalling a net $3.9 billion representing base funding for all grants plus additional section 17 funding for medical places at James Cook University and additional section 23C funding for research infrastructure and science lectureships.
The sections 17 and 23C funding levels set by the Bill for the years 2000 and 2001 also reflect savings from phasing out Equity Merit Scholarships (section 17) and reduced funding for projects of national priority (section 23C).