House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Education the Honourable Julia Gillard MP)

FINANCIAL IMPACT

In relation to the Higher Education Support Act 2003 , the Bill:

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increases the overall appropriation under section 30-5 by $416,349,000 for the period 1 January 2010 to 31 December 2011;

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increases the overall appropriation under section 41-45 by $398,567,000 for the period 1 January 2010 to 31 December 2012 and appropriates funding for 2013 to a limit of $2,067,383,000; and

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decreases the overall appropriation under section 46-40 by $355,772,000 for the period 1 January 2010 to 31 December 2012 and appropriates funding for 2013 to a limit of $275,133,000

The estimated financial impact of measures in the Bill on HELP over the period 2009-10 - 2012-13 is -$156.132 million on the fiscal balance.