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

Schedule 1   HELP indexation

Part 3   Consequential amendments relating to Part 1 of this Schedule

Australian Apprenticeship Support Loans Act 2014

23   After subsection 32(1)

Insert:

(1A) 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 index number for the quarter ending on 31 March in that financial year; and

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

Step 2. Add:

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

(b) the 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.

(1B) 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.