Appendix A: Policy Decisions taken since the 2012-13 Budget (Continued)
Revenue Measures (Continued)
Industry, Innovation, Science, Research and Tertiary Education
Student income support — general interest charge on student income support debt
| 2011-12 | 2012-13 | 2013-14 | 2014-15 | 2015-16 | |
|---|---|---|---|---|---|
| Department of Industry, Innovation, Science, Research and Tertiary Education | ‑ | ‑ | 2.5 | 2.4 | 1.5 |
| Total — Revenue | ‑ | ‑ | 2.5 | 2.4 | 1.5 |
| Related expense ($m) | |||||
| Department of Human Services | ‑ | ‑ | 2.0 | 2.7 | 1.8 |
| Department of Education, Employment and Workplace Relations | ‑ | ‑ | .. | .. | .. |
| Total — Expense | ‑ | ‑ | 2.0 | 2.7 | 1.8 |
The Government will introduce a general interest charge on student income support debt. The charge will apply to student income support debtors who do not have, or who are not honouring, an acceptable repayment arrangement, from 1 January 2014.
The fiscal balance and underlying cash balance impacts from this measure differ due to the interaction between previous years' outstanding debt and the ongoing administration costs from this change.
This measure is expected to provide $33.5 million in underlying cash savings over three years from 2013‑14 due to outstanding debt being repaid by previous student income support recipients.
The general interest charge will be applied at the 90‑day Bank Accepted Bill rate plus an additional seven per cent, consistent with the charges applied by the Australian Taxation Office for tax debt.
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