Opened the debate
Ryan moved the motion for the second reading of the bill, arguing that the current HECS system imposes an unfair burden on graduates by indexing debt before crediting repayments made during the financial year. Ryan stated that this mechanism effectively charges interest on money already repaid, costing graduates over $3 billion over ten years. The proposed legislation would shift the annual indexation date from 1 June to 1 November, ensuring repayments are credited before indexation is applied. Ryan noted that the Parliamentary Budget Office estimated the net headline cash impact to the budget would be $374 million, offset by $819 million in additional principal repayments. Ryan characterised the change as a simple, fair, and long-overdue fix to a structural inequity.