HECS-HELP Indexation Rate Set at 7.1%
Annual Adjustment to be Based on Lower of CPI or WPI
Backdated Policy to Impact Outstanding Debts
The HECS-HELP debt indexation rate will be set at 7.1% for the 2022-2023 financial year, according to the federal government. This adjustment is backdated to 1 June 2022 and will result in an increase in the amount of outstanding HECS-HELP debts for many Australians.
The indexation rate is calculated annually based on the lower of the Consumer Price Index (CPI) or the Wage Price Index (WPI). This year's rate of 7.1% represents a significant increase compared to last year's rate of 3.9%. As a result, outstanding HECS-HELP debts will increase by an average of 7.1% on 1 June 2023.
To determine your current HECS-HELP debt balance, you can visit the Australian Taxation Office (ATO) website or access your myGov account. Individuals with HECS-HELP debts should be aware of the upcoming adjustment and factor it into their financial planning.
Komentar