For Australians with HELP debts, indexation is applied to your debt on 1 June each year.
On Saturday, 1 June 2024 your HELP debt will be indexed by 4.7% based on the Consumer Price Index (CPI), by the Australian Taxation Office (ATO).
In the Budget, the Government announced changes to HELP indexation to be based on the lower of CPI or Wage Price Index (WPI). This means, if legislation is passed, your HELP debt will then be adjusted to reflect the lower indexation rate of 4.0% WPI in 2024.
For more information about backdated indexation changes for 1 June 2023 and 1 June 2024 and how these changes will benefit you, visit HELP Indexation Credit Estimator.
Learn more about the reform Reducing Student Debt - Department of Education, Australian Government.