Explanatory Memorandum
(Circulated by authority of the Minister for Vocational Education and Skills, the Hon Luke Hartsuyker MP)Financial impact statement
It is expected that there will be a financial impact as a result of the amendments in the Bill, particularly for the increase in compliance activities. The 2015-2016 Budget committed $18.2 million in departmental funds, including $3.6 million in capital expenditure, for an increased compliance monitoring regime associated with the reform measures. The introduction of the infringement notice scheme may also result in positive financial impacts on the Commonwealth, depending on the operational impact of the amendments.
The total savings of the VET FEE-HELP reform measures is estimated at $350.9 million in fiscal balance terms over the forward estimates period 2015-16 to 2018-19.
Regulation impact statement
The Regulation Impact Statement is at
http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;page=0;query=Id%3A%22legislation%2Fems%2Fr5535_ems_f3823490-24d1-4d13-9dcb-16b540c0c5ad%22;rec=0
.
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