1 00:00:00,520 --> 00:00:03,640 Speaker 1: Already and this is this is the daily This is 2 00:00:03,680 --> 00:00:15,200 Speaker 1: the Daily OS. Oh, now it makes sense. Good morning 3 00:00:15,200 --> 00:00:17,840 Speaker 1: and welcome to the Daily OS. It's Tuesday, the third 4 00:00:17,840 --> 00:00:19,439 Speaker 1: of June. I'm Lucy Tassel. 5 00:00:19,640 --> 00:00:20,680 Speaker 2: I'm Zara Sidler. 6 00:00:21,120 --> 00:00:24,000 Speaker 1: If you haven't checked your Ato account recently, I've got 7 00:00:24,040 --> 00:00:26,840 Speaker 1: news for you. Over the weekend, your hextet went up 8 00:00:26,880 --> 00:00:28,440 Speaker 1: by three point two percent. 9 00:00:28,280 --> 00:00:31,280 Speaker 2: Which is bringing everyone the good news. Good news, Tuesday morning, 10 00:00:31,400 --> 00:00:32,280 Speaker 2: good good news. 11 00:00:32,479 --> 00:00:35,840 Speaker 1: But wait, I hear you ask, didn't the government promise 12 00:00:35,880 --> 00:00:38,360 Speaker 1: to take twenty percent off my debt after the election. 13 00:00:39,080 --> 00:00:42,520 Speaker 1: In today's podcast, we'll explain how and why Hex works 14 00:00:42,680 --> 00:00:49,800 Speaker 1: and how this planned discount is going to take effects. Zara. 15 00:00:49,960 --> 00:00:52,280 Speaker 1: Over this weekend, I spent a bit of time talking 16 00:00:52,320 --> 00:00:54,240 Speaker 1: to my friends about our Hex debts. 17 00:00:54,320 --> 00:00:56,480 Speaker 2: Yep, so did I. I don't think you're alone there. 18 00:00:56,600 --> 00:00:59,560 Speaker 2: It was the topic of conversation for many young people. 19 00:00:59,800 --> 00:00:59,959 Speaker 1: Yeah. 20 00:01:00,040 --> 00:01:03,279 Speaker 2: Yes, and that's because our Hex's debts went up. They 21 00:01:03,320 --> 00:01:06,600 Speaker 2: went over the weekend, as you said. Plus there's also 22 00:01:06,600 --> 00:01:09,199 Speaker 2: the question I think that naturally follows on every time 23 00:01:09,440 --> 00:01:13,280 Speaker 2: we see that increase, which is why are we paying 24 00:01:13,480 --> 00:01:17,600 Speaker 2: off these loans when generations before us got university for free. 25 00:01:17,880 --> 00:01:21,240 Speaker 1: Exactually, someone who got university for free was Prime Minister 26 00:01:21,280 --> 00:01:24,800 Speaker 1: Anthony Albanisi. And that is because there was once a 27 00:01:24,840 --> 00:01:28,000 Speaker 1: time from nineteen seventy four to nineteen eighty nine when 28 00:01:28,040 --> 00:01:31,240 Speaker 1: the government subsidized the cost of unique degrees. 29 00:01:31,520 --> 00:01:33,520 Speaker 2: I thought it was longer, if I'm to be honest, 30 00:01:33,600 --> 00:01:35,040 Speaker 2: I didn't realize it was that short. 31 00:01:35,120 --> 00:01:37,319 Speaker 1: It is short. I wonder if it's because there's so 32 00:01:37,400 --> 00:01:40,600 Speaker 1: many people who benefited from that era who went on 33 00:01:40,640 --> 00:01:41,839 Speaker 1: to go into public life. 34 00:01:42,000 --> 00:01:43,160 Speaker 2: Yeah, there are a lot of. 35 00:01:43,080 --> 00:01:45,479 Speaker 1: People in Parliament right now that. 36 00:01:45,400 --> 00:01:46,360 Speaker 2: Age it would check out. 37 00:01:46,440 --> 00:01:49,880 Speaker 1: Yeah, that makes sense, including of course the Prime Minister. Now, 38 00:01:49,960 --> 00:01:52,880 Speaker 1: while this was great for students of that era, it 39 00:01:52,880 --> 00:01:55,560 Speaker 1: has also been argued that this was an unfair burden 40 00:01:55,640 --> 00:01:56,680 Speaker 1: on taxpayers. 41 00:01:57,000 --> 00:02:00,760 Speaker 2: Can you just unpack that? Why is free university unfair 42 00:02:00,840 --> 00:02:01,720 Speaker 2: for tax payers? 43 00:02:01,920 --> 00:02:04,480 Speaker 1: Yeah? Our taxes are one of the main ways the 44 00:02:04,520 --> 00:02:06,600 Speaker 1: government makes money. It's not the only way, but it's 45 00:02:06,640 --> 00:02:09,560 Speaker 1: a big contributor. Some people would argue that when the 46 00:02:09,600 --> 00:02:13,200 Speaker 1: government says it's making something free, it's not really free 47 00:02:13,400 --> 00:02:16,720 Speaker 1: because one of the ways that the government gets money 48 00:02:16,800 --> 00:02:21,080 Speaker 1: is via USA so taxpayer exactly. So an example of 49 00:02:21,120 --> 00:02:23,720 Speaker 1: this is the Medicare levee. It's part of the taxes 50 00:02:23,720 --> 00:02:26,560 Speaker 1: that you pay. It's calculated at two percent of your 51 00:02:26,600 --> 00:02:30,000 Speaker 1: overall income. The argument in favor of this is that 52 00:02:30,120 --> 00:02:33,600 Speaker 1: everyone who pays taxes pays a tiny fraction of the whole, 53 00:02:33,960 --> 00:02:37,240 Speaker 1: and then this being allowed to fund something like Medicare, 54 00:02:37,480 --> 00:02:40,960 Speaker 1: it is argued, ends up benefiting us more than we 55 00:02:41,080 --> 00:02:44,760 Speaker 1: end up paying. When the Bob Hawk government came to 56 00:02:44,840 --> 00:02:47,560 Speaker 1: power in the early eighties, so in the middle of 57 00:02:47,600 --> 00:02:51,639 Speaker 1: this program, it believed the government could not keep spending 58 00:02:51,680 --> 00:02:55,320 Speaker 1: as much as it had on places at university because 59 00:02:55,440 --> 00:02:58,760 Speaker 1: in effect, government spending is in some way you're spending. 60 00:02:58,919 --> 00:03:02,840 Speaker 1: So by the government subsidizing these free, unique places, they 61 00:03:02,840 --> 00:03:06,040 Speaker 1: were finding that they didn't want to be spending quite 62 00:03:06,120 --> 00:03:09,120 Speaker 1: as much of taxpayer money when the government has many 63 00:03:09,160 --> 00:03:12,000 Speaker 1: things to pay for. Then in nineteen eighty nine, we 64 00:03:12,040 --> 00:03:15,280 Speaker 1: have a new system. It's called the Higher Education Contribution 65 00:03:15,400 --> 00:03:19,679 Speaker 1: Scheme or HEX. The Education minister at the time was 66 00:03:19,680 --> 00:03:22,200 Speaker 1: a guy named John Dawkins, and here's a little bit 67 00:03:22,240 --> 00:03:24,520 Speaker 1: of what he said when he was introducing the bills 68 00:03:24,520 --> 00:03:27,400 Speaker 1: of Parliament that would then kind of make this scheme happen. 69 00:03:27,880 --> 00:03:31,240 Speaker 1: He said, people who benefit from higher education will be 70 00:03:31,280 --> 00:03:34,200 Speaker 1: required to make a small contribution towards the cost of 71 00:03:34,280 --> 00:03:37,600 Speaker 1: their study. The key features of the contribution scheme are 72 00:03:37,960 --> 00:03:40,840 Speaker 1: an annual course charge of eighteen hundred dollars per year 73 00:03:40,880 --> 00:03:44,880 Speaker 1: of equivalent full time study, payment arrangements based on personal 74 00:03:44,920 --> 00:03:48,840 Speaker 1: capacity to pay, and a choice between lumpsom payment with 75 00:03:48,880 --> 00:03:53,360 Speaker 1: a fifteen percent discount or payment through the taxation system 76 00:03:53,480 --> 00:03:56,880 Speaker 1: once a person's income reaches around the level of average 77 00:03:56,920 --> 00:04:01,400 Speaker 1: earnings in the Australian workforce. He also noted the payments 78 00:04:01,400 --> 00:04:03,680 Speaker 1: would be indexed to keep pace with inflation. 79 00:04:04,280 --> 00:04:06,880 Speaker 2: Okay, so I just want to recap where we are at. 80 00:04:07,000 --> 00:04:11,360 Speaker 2: So for a period of time, university was free for 81 00:04:11,600 --> 00:04:15,240 Speaker 2: students who were attending, and that's because the government was 82 00:04:15,360 --> 00:04:19,000 Speaker 2: subsidizing the cost of that, and that money was raised 83 00:04:19,320 --> 00:04:23,040 Speaker 2: through tax payers. We were ultimately in one very big 84 00:04:23,080 --> 00:04:27,240 Speaker 2: circle all paying for that to occur. When Bob Hoork 85 00:04:27,279 --> 00:04:29,920 Speaker 2: came to power, he said, we're spending too much on this. 86 00:04:30,040 --> 00:04:32,760 Speaker 2: We are going to implement a new scheme as we 87 00:04:32,800 --> 00:04:35,520 Speaker 2: now understand it to be the hex scheme. Yes, and 88 00:04:35,839 --> 00:04:39,000 Speaker 2: from nineteen eighty nine onwards that scheme has been the 89 00:04:39,040 --> 00:04:42,880 Speaker 2: dominant way that people take out a loan for higher 90 00:04:43,040 --> 00:04:45,240 Speaker 2: Education study. Yes, is that right? 91 00:04:45,360 --> 00:04:45,880 Speaker 1: That's correct? 92 00:04:45,920 --> 00:04:49,000 Speaker 2: Okay, you passed. So then you did say at the 93 00:04:49,120 --> 00:04:52,200 Speaker 2: end there that the education minister at the time called 94 00:04:52,240 --> 00:04:55,800 Speaker 2: it a contribution. I believe a small contribution, is what 95 00:04:55,839 --> 00:04:58,239 Speaker 2: you said. A lot of our listeners who have HEX, 96 00:04:58,279 --> 00:05:01,200 Speaker 2: maybe they have a double degree, not call it a 97 00:05:01,240 --> 00:05:04,359 Speaker 2: small contribution. Yes, talk me through that thinking. 98 00:05:05,000 --> 00:05:07,480 Speaker 1: Yeah. So, even though in this podcast and in life 99 00:05:07,520 --> 00:05:10,680 Speaker 1: we all call our student debts HEX, scheme is actually 100 00:05:10,720 --> 00:05:15,360 Speaker 1: called the Higher Education Loan Program HELP, so you might 101 00:05:15,400 --> 00:05:17,760 Speaker 1: hear it referred to as HEX help or help. 102 00:05:18,000 --> 00:05:21,080 Speaker 2: It was like only upon entering this job that I 103 00:05:21,240 --> 00:05:23,560 Speaker 2: thought about the fact that it was an AGX. I 104 00:05:23,680 --> 00:05:26,560 Speaker 2: just always thought there was like a HEX on your 105 00:05:26,560 --> 00:05:28,800 Speaker 2: home anywake it going, Dan. 106 00:05:29,880 --> 00:05:31,520 Speaker 1: It was only when I started this job that I 107 00:05:31,560 --> 00:05:33,839 Speaker 1: realized it had been called help since I was in 108 00:05:33,920 --> 00:05:37,040 Speaker 1: year three. But there you go, no matter. The reason 109 00:05:37,080 --> 00:05:39,240 Speaker 1: for this is because of changes made to the system 110 00:05:39,400 --> 00:05:42,920 Speaker 1: under the Howard government. Okay, there were many different kinds 111 00:05:42,920 --> 00:05:45,560 Speaker 1: of changes, but basically more kinds of debts were included 112 00:05:45,600 --> 00:05:48,640 Speaker 1: in the scheme. Different kinds of schools, different kinds of programs, 113 00:05:49,080 --> 00:05:53,400 Speaker 1: and different degrees were able to cost different amounts. Changing 114 00:05:53,440 --> 00:05:56,360 Speaker 1: from that original eighteen hundred dollars fee. 115 00:05:56,640 --> 00:06:00,000 Speaker 2: Okay, So under Howard there were changes to the way 116 00:06:00,120 --> 00:06:00,760 Speaker 2: system works. 117 00:06:00,839 --> 00:06:03,560 Speaker 1: Yes, so it became more of a loan and less 118 00:06:03,600 --> 00:06:06,600 Speaker 1: of a contribution, reflected in the name of the scheme. 119 00:06:07,320 --> 00:06:09,440 Speaker 2: We'll be back with the rest of today's deep dive 120 00:06:09,560 --> 00:06:11,240 Speaker 2: after a quick message from our sponsor. 121 00:06:14,360 --> 00:06:16,360 Speaker 1: But in a lot of other senses, the original plan 122 00:06:16,480 --> 00:06:18,920 Speaker 1: is still the case all those things I outlined. So 123 00:06:19,240 --> 00:06:21,479 Speaker 1: your repayments are based on how much you earn, that's 124 00:06:21,480 --> 00:06:25,360 Speaker 1: still true. You begin paying once you meet a certain threshold. 125 00:06:25,520 --> 00:06:29,040 Speaker 1: That's still true. And the amount that you owe is indexed, 126 00:06:29,080 --> 00:06:31,640 Speaker 1: which everyone would remember from a couple of years ago, 127 00:06:31,800 --> 00:06:34,520 Speaker 1: is still very much true. And that's what happened this 128 00:06:34,600 --> 00:06:35,279 Speaker 1: past weekend. 129 00:06:35,480 --> 00:06:39,160 Speaker 2: That was an excellent segue into the news of the day, 130 00:06:39,200 --> 00:06:41,600 Speaker 2: which is, of course that our hex set went up 131 00:06:41,680 --> 00:06:45,680 Speaker 2: due to indexation. Can you just talk our listeners through 132 00:06:46,120 --> 00:06:49,680 Speaker 2: how indexation is calculated and what it's based on. 133 00:06:50,160 --> 00:06:53,120 Speaker 1: Basically, the idea of indexation is that your debt should 134 00:06:53,160 --> 00:06:57,200 Speaker 1: increase with the value of money to reflect the actual 135 00:06:57,279 --> 00:07:00,800 Speaker 1: value of money. This time, debts not by three point 136 00:07:00,839 --> 00:07:04,560 Speaker 1: two percent based on the rate of inflation that's rising prices. 137 00:07:04,839 --> 00:07:07,240 Speaker 1: This is historically what it's been based on. As I mentioned, 138 00:07:07,320 --> 00:07:09,080 Speaker 1: John Dorkin said it should be based on the rate 139 00:07:09,120 --> 00:07:12,880 Speaker 1: of inflation. But as we would remember, our hex stets 140 00:07:12,960 --> 00:07:16,120 Speaker 1: jumped up by seven point one percent in June twenty 141 00:07:16,160 --> 00:07:16,640 Speaker 1: twenty three. 142 00:07:17,080 --> 00:07:19,720 Speaker 2: Hearing that it's just unbelievable. 143 00:07:19,920 --> 00:07:23,480 Speaker 1: Yes, because inflation was so high at the time. And 144 00:07:23,880 --> 00:07:27,680 Speaker 1: at that time the government passed a new law changing 145 00:07:27,720 --> 00:07:31,720 Speaker 1: the rules, and that meant that indexation would be based 146 00:07:31,720 --> 00:07:35,520 Speaker 1: on whichever is the lower of inflation or how much 147 00:07:35,640 --> 00:07:39,440 Speaker 1: wages have risen by, So that's the wage price index. 148 00:07:39,640 --> 00:07:42,320 Speaker 2: So until that time it had always been pegged to 149 00:07:42,640 --> 00:07:45,840 Speaker 2: the rate of inflation, but because inflation was so high, 150 00:07:45,880 --> 00:07:47,960 Speaker 2: there had to be an alternative here, Yes, and they. 151 00:07:47,880 --> 00:07:51,120 Speaker 1: Went back and applied the new rate of indexation to 152 00:07:51,240 --> 00:07:55,000 Speaker 1: those to that increase from June twenty twenty three. And 153 00:07:55,440 --> 00:07:58,960 Speaker 1: now again the government is planning to change the rules 154 00:07:59,040 --> 00:08:02,800 Speaker 1: in another sense by promising to discount student debts. 155 00:08:03,120 --> 00:08:05,440 Speaker 2: I think this is where a bit of confusion, and 156 00:08:05,480 --> 00:08:08,800 Speaker 2: I'd say rightly so has kicked in for our listeners 157 00:08:08,880 --> 00:08:13,280 Speaker 2: and for TDA readers, because throughout the election, the big 158 00:08:13,480 --> 00:08:16,760 Speaker 2: pitch to young voters, especially from labor was we are 159 00:08:16,760 --> 00:08:21,040 Speaker 2: going to cut your hextet by twenty percent, and now 160 00:08:21,120 --> 00:08:24,840 Speaker 2: that indexation has kicked in, our debt has gone up. 161 00:08:25,200 --> 00:08:27,400 Speaker 2: A lot of people are saying, well, I thought it 162 00:08:27,440 --> 00:08:30,080 Speaker 2: was getting cut. So can you just explain to us 163 00:08:30,560 --> 00:08:34,280 Speaker 2: when does that actually happen or how does it happen. 164 00:08:34,520 --> 00:08:36,880 Speaker 1: Yeah, it's all about timing. The first thing to know 165 00:08:36,960 --> 00:08:40,080 Speaker 1: is that the discount can't happen until Parliament sits again. 166 00:08:40,280 --> 00:08:42,480 Speaker 1: But it's not doing that until the end of July. 167 00:08:42,920 --> 00:08:45,520 Speaker 1: The government has, as we know, a really big majority 168 00:08:45,600 --> 00:08:48,000 Speaker 1: in the lower House. It will own. 169 00:08:47,920 --> 00:08:50,000 Speaker 2: Huge majority, the biggest ever. 170 00:08:50,120 --> 00:08:52,560 Speaker 1: In fact, it will only need to negotiate with the 171 00:08:52,600 --> 00:08:54,959 Speaker 1: Greens or the coalition to pass the bill and the 172 00:08:55,040 --> 00:08:58,520 Speaker 1: Upper House. Now we don't know for sure, but we 173 00:08:58,559 --> 00:09:01,439 Speaker 1: know that the Greens policy is that all student debts 174 00:09:01,440 --> 00:09:04,120 Speaker 1: should be wiped, so I think we could suggest that 175 00:09:04,200 --> 00:09:07,480 Speaker 1: they would be open to negotiating with the government. I 176 00:09:07,480 --> 00:09:09,640 Speaker 1: haven't called them up to ask, but I think we 177 00:09:09,760 --> 00:09:13,840 Speaker 1: will hear from them again ahead of parliament sitting. Then 178 00:09:14,200 --> 00:09:15,800 Speaker 1: if slash when the bill. 179 00:09:15,640 --> 00:09:18,240 Speaker 2: Passes, what you're saying is very likely. 180 00:09:18,480 --> 00:09:20,640 Speaker 1: Yes, And the government also, I should note, has said 181 00:09:20,760 --> 00:09:22,880 Speaker 1: they want to do this as soon as possible. 182 00:09:22,920 --> 00:09:24,839 Speaker 2: Yeah, as their first kind of action. 183 00:09:24,640 --> 00:09:27,840 Speaker 1: Item if SLASH. When it passes, the reduction will be 184 00:09:27,960 --> 00:09:31,640 Speaker 1: applied automatically by the ATO. It will apply to the 185 00:09:31,679 --> 00:09:35,040 Speaker 1: amount of your loan before indexation. If you pay it 186 00:09:35,080 --> 00:09:39,000 Speaker 1: off in between indexation, so now and the end of 187 00:09:39,000 --> 00:09:41,880 Speaker 1: the financial year this month, you will get the discount 188 00:09:41,960 --> 00:09:45,160 Speaker 1: rebated in your tax return, assuming you get a return 189 00:09:45,200 --> 00:09:48,600 Speaker 1: and not a bill. The indexation applied this weekend will 190 00:09:48,640 --> 00:09:53,000 Speaker 1: then be recalculated based on the new reduced loan amount. 191 00:09:53,880 --> 00:09:55,640 Speaker 1: So I think it's time to do a bit of maths. 192 00:09:55,679 --> 00:09:58,800 Speaker 2: Please. Unfortunately, let's hold hands and do it together. 193 00:10:00,920 --> 00:10:03,679 Speaker 1: So say you have a loan of ten thousand dollars. 194 00:10:04,000 --> 00:10:06,400 Speaker 1: As of this weekend, your debt went up three point 195 00:10:06,480 --> 00:10:10,760 Speaker 1: two percent to ten thousand, three hundred and twenty dollars. 196 00:10:11,320 --> 00:10:14,920 Speaker 1: When the discount comes into effect, it reduces your pre 197 00:10:15,080 --> 00:10:19,280 Speaker 1: indexation debt to eight thousand dollars, and then the indexation 198 00:10:19,440 --> 00:10:23,000 Speaker 1: is recalculated and reapplied, so your final result will be 199 00:10:23,080 --> 00:10:26,080 Speaker 1: eight thousand, two hundred and fifty six dollars. 200 00:10:26,160 --> 00:10:28,640 Speaker 2: And can I just jump in here, so no one 201 00:10:28,800 --> 00:10:32,360 Speaker 2: has to actually do anything, yes, In order to access 202 00:10:32,480 --> 00:10:33,479 Speaker 2: that cut. 203 00:10:33,320 --> 00:10:36,480 Speaker 1: It happens automatical. Okay, all right, and then again, as 204 00:10:36,520 --> 00:10:38,840 Speaker 1: I said, the government has committed to bringing it forward 205 00:10:38,880 --> 00:10:41,719 Speaker 1: basically as soon as they walk into the House of Representatives, 206 00:10:41,720 --> 00:10:43,520 Speaker 1: so we could be seeing it fairly soon. 207 00:10:43,840 --> 00:10:46,920 Speaker 2: Yeah, really interesting there, Lucy. Before we go, I do 208 00:10:47,040 --> 00:10:50,080 Speaker 2: just want to ask is the government planning to change 209 00:10:50,160 --> 00:10:53,719 Speaker 2: anything else about our hex system, because you said that 210 00:10:53,760 --> 00:10:56,679 Speaker 2: they've already changed the way that indexation is pegged or 211 00:10:56,720 --> 00:10:59,760 Speaker 2: what's pegged. Two, are there any other changes coming down 212 00:10:59,800 --> 00:11:00,800 Speaker 2: the line that we know about. 213 00:11:01,000 --> 00:11:03,600 Speaker 1: There's one more thing they want to change, which is 214 00:11:03,720 --> 00:11:05,959 Speaker 1: raising the threshold of when you need to start paying 215 00:11:05,960 --> 00:11:08,280 Speaker 1: it back. So right now you need to be earning 216 00:11:08,520 --> 00:11:11,520 Speaker 1: fifty one thousand, five hundred dollars a year to begin 217 00:11:11,760 --> 00:11:14,640 Speaker 1: repaying your debt, and the government wants to increase that 218 00:11:14,679 --> 00:11:17,240 Speaker 1: to sixty seven thousand dollars per year, which is quite 219 00:11:17,280 --> 00:11:18,160 Speaker 1: a jump. Yeah. 220 00:11:18,320 --> 00:11:20,800 Speaker 2: Yeah, well I have to wait and see. The government 221 00:11:20,880 --> 00:11:24,720 Speaker 2: has a big agenda of election commitments, and as we 222 00:11:24,800 --> 00:11:27,880 Speaker 2: have said many times before, it's as important to hold 223 00:11:27,880 --> 00:11:30,320 Speaker 2: the government to account post election as it is during 224 00:11:30,360 --> 00:11:33,040 Speaker 2: an election period. So we will be keeping track of 225 00:11:33,080 --> 00:11:36,280 Speaker 2: those commitments and if and when they come to fruition. 226 00:11:36,520 --> 00:11:38,959 Speaker 2: Thanks for explaining, Lissie, Thanks Sarah, and thank you for 227 00:11:39,040 --> 00:11:41,680 Speaker 2: joining us for another episode of The Daily Os. We 228 00:11:41,760 --> 00:11:45,079 Speaker 2: will of course be back later today with your afternoon headlines, 229 00:11:45,120 --> 00:11:46,520 Speaker 2: but until then, have a good day. 230 00:11:50,679 --> 00:11:52,960 Speaker 1: My name is Lily Madden and I'm a proud Arunda 231 00:11:53,200 --> 00:11:57,280 Speaker 1: bunge Lung Kalgotin woman from Gadigal Country. The Daily Os 232 00:11:57,400 --> 00:12:00,199 Speaker 1: acknowledges that this podcast is recorded on the land of 233 00:12:00,200 --> 00:12:03,520 Speaker 1: the Gadigal people and pays respect to all Aboriginal and 234 00:12:03,559 --> 00:12:06,760 Speaker 1: Torrestrate island and nations. We pay our respects to the 235 00:12:06,760 --> 00:12:09,560 Speaker 1: first peoples of these countries, both past and present.