House of Representatives

Higher Education Funding Amendment Bill 2002

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

FINANCIAL IMPACT

In relation to the Higher Education Funding Act 1988 , the Bill:

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increases the overall appropriation by $7 million in 2001 (note: this variation is for accounting purposes in relation to the Higher Education (HECS) Special Account);
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decreases the overall appropriation by $5.178 million in 2002;
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increases the overall appropriation by $74.128 million in 2003; and
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increases the overall appropriation by $74.998 million in 2004.

In relation to the Australian Research Council Act 2001 , the Bill:

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increases the funding cap by $16.446 million in 2003;
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increases the funding cap by $17.453 million in 2004;
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increases the funding cap by $18.670 million in 2005; and
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provides a base funding cap of $524.090 million in 2006.

Note: the Financial Impact relates to the variation between this bill and the funding amounts specified in the Higher Education Legislation Amendment Bill (No.2) 2002 which is currently before Parliament.


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