From the press room
Hon Peter Dunne: Student loan repayment threshold remains same – 2009-12-16 11:13:29.24
The income threshold at which New Zealand-based borrowers must begin repaying their student loans will remain at $19,084 for the 2010-11 tax year, Revenue Minister Peter Dunne announced today.
The threshold is reviewed annually and in previous years has generally been adjusted according to the September consumer price index.
“The decision to hold the student loan repayment threshold at the current level for the 2010-11 tax year takes into account the current economic climate and the very significant cost of this $9.6 billion asset to the Crown,” Mr Dunne said.
“While the impact on individual borrowers is likely to be minimal, the effect of maintaining the current repayment threshold is expected to lower the overall costs of the scheme to the Crown and is the right decision for the times,” Mr Dunne said.
The threshold will be reviewed again for the 2011-12 tax year.
Ends
Mark Stewart | Press Secretary | Office of Hon Peter Dunne
Cell +64 21 243 6985