Universities Accord (Student Support and Other Measures) Act 2024 (108 of 2024)

Schedule 1   HELP indexation

Part 1   Main amendments relating to HELP indexation

Higher Education Support Act 2003

5   After subsection 140-10(1A)

Insert:

(1B) The CPI indexation factor for 1 June in a financial year is worked out using the following method statement:

Method statement

Step 1. Add:

(a) the *CPI index number for the *quarter ending on 31 March in that financial year; and

(b) the CPI index numbers for the 3 quarters that immediately preceded that quarter.

Step 2. Add:

(a) the *CPI index number for the *quarter ending on 31 March in the immediately preceding financial year; and

(b) the CPI index numbers for the 3 quarters that immediately preceded that quarter.

Step 3. The CPI indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2, rounded to 3 decimal places.

(1C) The WPI indexation factor for 1 June in a financial year is worked out using the following method statement:

Method statement

Step 1. Add:

(a) the *WPI index number for the *quarter ending on 31 March in that financial year; and

(b) the WPI index numbers for the 3 quarters that immediately preceded that quarter.

Step 2. Add:

(a) the *WPI index number for the *quarter ending on 31 March in the immediately preceding financial year; and

(b) the WPI index numbers for the 3 quarters that immediately preceded that quarter.

Step 3. The WPI indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2, rounded to 3 decimal places.