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UA: collect HECS debt overseas
Organisation supports Pyne’ s announcement that graduates working abroad will have to repay loans.
Universities Australia has thrown its support behind the federal government’ s recently announced push to recover HECS debt from graduates who relocate overseas, describing the initiative as“ long overdue”.
UA chief executive Belinda Robinson said a decision to move overseas“ should not
STEM-ulate the economy
Report suggests push to generate more technology workers could greatly expand GDP. mean that an Australian graduate should be exempt from repaying their HECS-HELP loan once they have hit the requisite income threshold”.
“ This is a welcome move in improving the fairness and sustainability of the student loans scheme. Such a system for recovering student loans exists in the UK and New Zealand, so there is no obvious reason why obliging Australian graduates living overseas to repay their HELP debt shouldn’ t be adopted.
“ The announcement … is consistent with Universities Australia’ s long-held view that a HECS-HELP loan repayment
A report has suggested that a push by the business community to increase professional roles and opportunities in science, technology, engineering and mathematics fields could add more than $ 57 billion to Australia’ s GDP.
The report, A Smart Move: Futureproofing Australia’ s workforce was recently released by PwC. It found that the nation was lagging on a number of key indicators; STEM university completions levels are flat and declining numbers of Year 12 students are studying STEM subjects, whilst businesses are struggling to find skilled STEM employees.
“ The benefits of a stronger commitment to STEM are many,” the report stated.“ It would help meet workforce needs, better equip workers with vital skills for the future and drive innovation and productivity. It would also deliver economic growth.”
The report calls on businesses to“ take a leading role alongside government and the education sector in order to deliver the STEM outcome Australia needs to remain a competitive, innovative and prosperous nation”.
The recommendations come amidst exemption has no place in the luggage of Australian graduates pursuing the overseas travel tradition.”
The education minister, Christopher Pyne, has said the government would legislate to require all Australian graduates who still held HECS debts and were graduates working overseas to start making payments based on their income in the 2016 – 17 tax year if they earn above the threshold of $ 53,000.
Under current arrangements, voluntary HECS repayments can be made by Australian graduates working abroad but they are under no legal obligation to make them.
“ Because graduates living overseas don’ t have to do an Australian tax return, there is no way to know if they are earning above the threshold that triggers HECS repayments and many get off scot-free,” Pyne said.“ Our plan will enforce the same HECS repayment obligations on Australians living overseas that apply to those who remain on our shores. There is no good reason why someone working as a banker in London or New York and earning over the threshold shouldn’ t pay back what they owe Australia.” n
Please see“ HEPP makes it happen”, page 14.
ongoing calls for a greater national focus on STEM subjects, including a national strategy to increase involvement at the high school, university and professional levels.
PwC chief executive Luke Sayers said many employers were already struggling to find“ the right skilled talent for their workforce” and that future digital disruption would only place more jobs at risk.
Sayers said modelling outlined in the report indicated that the economic benefit of switching just 127,000 workers – the equivalent of 1 per cent of Australia’ s workforce – to STEM roles could be worth about $ 57.4 billion in GDP over the next two decades. Sayers said this would counterbalance the losses faced by Australia’ s car and parts manufacturing industry, which he noted was in a steep decline.
“ Higher skilled workers create more valuable goods and services and can sell them at higher prices and demand higher wages,” he said.“ Businesses can create more demand for these skills by driving change through the education system, promoting careers in STEM subjects and working with policymakers to get the infrastructure we need to up-skill the workforce of the future.” n
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