Public Schools

In reply to the Hon. J.A.W. GARDNER (Morialta—Deputy Leader of the Opposition) (5 July 2023). (Estimates Committee A)

The Hon. B.I. BOYER (Wright—Minister for Education, Training and Skills): I have been advised of the following:

Calculation of indexation

As outlined in the Australian Education Act 2013 the Schooling Resource Standard (SRS) is calculated via the following formula:

(0.75 x the movement in the Wage Price Index as of the June quarter between the current and previous calendar year) + (0.25 x the movement in Consumer Price Index as of the June quarter between the current and previous calendar years)

Noting that the current legislation includes a minimum indexation rate of 3.00 per cent.

The June quarter Wage Price Index (WPI) and Consumer Price Index (CPI) are calculated by the ABS.

In December 2022, the Australian Government released projected growth in the Consumer Price Index and the Wage Price Index across the forward estimates. This information has been used to inform the SRS indexation for the 2023-2027 calendar years.

The estimated 2023 SRS indexation of 4.30 per cent.

As the underlying data required for the calculation of the actual 2023 SRS indexation will not be available until July/August 2023, this is expected to be reflected in the 2023 quarter 3 Funding Estimation Tool released in October 2023. Any adjustments to indexation will be reflected in the 2023-24 MYBR.