Commonwealth Numbered Acts

STATES GRANTS (GENERAL PURPOSES) ACT 1993 No. 92, 1993 - SECT 19

19.(1) Financial assistance to which a State is entitled under this Act in
relation to the grant year is granted on the condition that the State will pay
to the Commonwealth the amount (if any) determined by the Education Minister
on or before 31 March 1994 as representing the State's share of the costs of
any unfunded superannuation liabilities of higher education institutions in
the State, being liabilities required to be discharged during the grant year.

(2) The Treasurer may, after 31 May 1994, deduct from a payment due to the
State under this Act any amount that is payable by the State to the
Commonwealth under subsection (1) and remains unpaid.

(3) The amount to be determined under subsection (1) in relation to a State is
the amount worked out using the formula:
       (ETP   x   SRC)   +   (UHESL   -   (ET   +   AA))
where:

"ETP" (Estimated Total Payments) means the estimated total of the payments
required to be made during the grant year in discharge of unfunded
superannuation liabilities of higher education institutions in the State
attributable to service before 1 January 1974;

"SRC" (State Recurrent Costs) means the fraction representing, as nearly as is
practicable, the proportion of the recurrent costs of higher education in the
State borne by the State in the period during which that service was being
performed;

"UHESL" (Unfunded Higher Education Superannuation Liabilities) means the
estimated total of the payments required to be made during the grant year in
discharge of unfunded superannuation liabilities of higher education
institutions in the State attributable to service on or after 1 January 1982;

"ET" (Estimated Total) means the amount that would be the estimated total of
such payments if the benefits provided under superannuation schemes under
which those liabilities arise were reduced to a level that could be financed
by a long-term employer contribution at the rate of 14% of members' salaries;

"AA" (Additional Amount) means any amount that the Education Minister
determines is appropriate having regard to relevant industrial awards relating
to superannuation.

(4) An amount deducted under subsection (2) from a payment due to a State is
taken to have been paid by the State to the Commonwealth under subsection (1).