National specific purpose payment for skNational specific purpose payment for skills and workforce development

National specific purpose payment for skills and workforce development

7. In accordance with subsection 12(4) of the Act, the indexation applied to the skills and workforce development national specific purpose payment from the previous financial year is the sum of:
 85 per cent Wage Cost Index 1 (comprising safety net wage adjustment weighted by 75 per cent and all groups CPI weighted by 25 per cent); and
 15 per cent Wage Cost Index 6 (comprising safety net wage adjustment weighted by 40 per cent and all groups CPI weighted by 60 per cent).
8. For the purposes of paragraph 12(2)(c) of the Act, the 2015-16 total amount for the skills and workforce development national specific purpose indexed in accordance with 12(4) of the Act is $1,455,484,015.83.
9. In accordance with subsection 12(5) of the Act, the amounts specified in Table 2 are to be paid, for the 2015\-16 financial year, to the States specified in that table for the purpose of expenditure on skills and workforce development.