Commonwealth Consolidated Acts

HIGHER EDUCATION SUPPORT ACT 2003 - SECT 154.25

             (1)  The following amounts for the 2006-07 * income year, or a later income year:

                     (a)  the * minimum repayment income;

                     (b)  the amounts referred to in paragraph (a) of the second column of items 1 to 8 of the table in section 154-20;

are indexed by multiplying the corresponding amounts for the 2005-06 income year by the amount worked out using the formula:

             (2)  AWE , for an * income year, is the number of dollars in the sum of:

                     (a)  the average weekly earnings for all employees (total earnings, seasonally adjusted) for the * reference period in the * quarter ending on 31 December immediately before the income year, as published by the * Australian Statistician; and

                     (b)  the average weekly earnings for all employees for the reference period in each of the 3 quarters immediately before that quarter, as published by the Australian Statistician.

             (3)  The reference period in a particular * quarter in a year is the period described by the * Australian Statistician as the pay period ending on or before a specified day that is the third Friday of the middle month of that quarter.

             (4)  If an amount worked out under this section is an amount made up of dollars and cents, round the amount down to the nearest dollar.