HECS-HELP debt to rise by 4.8 per cent, down from 7.1 per cent last year
Government backdates indexation changes to June 2023
The indexation rate for HECS-HELP debts will be 4.8 per cent for 2023-24, down from 7.1 per cent last year but significantly higher than 2021 when indexation was just 0.6 per cent.
However, the government has decided to backdate the new changes to last year. That'll change the indexation rate to 3.2 per cent. The policy will be backdated to June 1, 2023, which means last year's 7.1 per cent indexation will be lowered to the WPI of 3.2 per cent.
It places this year's rate at 4.8 per cent, down from a punitive 7.1 per cent last year but still the second highest rise in more than a decade.
This year your HECS-HELP debt will increase by 4.8 per cent after indexation. Below is a calculator that will tell you how much your HECS...
Comments