Emma Gillespie

So there were 47 recommendations in that report.

One of them was for indexation to be changed to be the lower of the two figures between CPI and wage growth.

But the short answer in terms of why that shift to the 1st of June date has not been applied, you could argue is about the cost to the budget.

So Monique Ryan actually got the Parliamentary Budget Office, which is the independent body that costs policy proposals for MPs,

to review her proposal, to look into this idea of how much would it cost to move indexation from the 1st of June to the 1st of November.

It found that it would decrease government revenue by around a billion dollars in the first year and around $1.2 billion over the next three years.

So that's a significant chunk of tax revenue that the government would lose from its budget.

It's significant.

But Ryan's argument is that ultimately it would ensure a fairer system.

It would take into account repayments already being made during the financial year and that borrowers shouldn't have their debt

growing on money that they've already repaid just because the tax system hasn't caught up yet.

So yes, it would cost money, but is that fair?

Is the kind of overarching question here.

Monique Ryan has also called for a Morrison era scheme to be scrapped when we're having this HEX conversation, which I found interesting.

And that's the Job Ready Graduate Scheme.

I don't know if you remember this one, Billie.

I don't.

But it was rolled out in 2021.

And it doubled the cost of many degrees.

So the idea was to encourage more students to participate in degrees where there was an employment need, where there was maybe understaffing issues or a lack of interest.