On 27 March 2024, the National School Resourcing Board (the Board) presented its final report on the Review of the Schooling Resource Standard (SRS) indexation arrangements to the Minister the Hon. Jason Clare MP.
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The Review of the SRS indexation arrangements was a commitment under the National School Reform Agreement (NSRA). In the extension of the NSRA, Ministers committed to completing the Review in 2024, and a number of jurisdictions requested it be completed in early 2024 to inform negotiations for the next funding agreement.
As required under section 128(8) of the Australian Education Act 2013, Minister Clare consulted on the draft Terms of Reference with the Education Ministers Meeting (EMM), the National Catholic Education Commission and Independent Schools Australia. Following this consultation, on 1 February 2024, Minister Clare commissioned the Board to undertake this Review.
The Terms of Reference ask the Board to consider, provide findings and make recommendations relating to the appropriateness of the SRS indexation arrangements including the suitability of the current indexation floor, the composite structure (75 per cent of Wage Price Index and 25 per cent of Consumer Price Index) and timing of the application.
Consultations and submissions
The Board developed an issues paper to support the consultation and submission process.
The Board undertook targeted consultations with stakeholders, including state and territory governments, Independent Schools Australia and the National Catholic Education Commission, and invited submissions on the issues paper.
Final report
Given the technical nature of the review, the Board sought stakeholder and expert advice to inform its deliberations. The Board commissioned Deloitte Access Economics to provide an independent assessment of the current indexation arrangements, including macro-economic modelling and analysis of the indexation arrangements that are currently being applied to the SRS.