Queensland Treasury update for NGOs on indexation
Queensland Treasury has advised, based on the latest wages and inflation forecasts from the 2023-24 Budget Update, and incorporating the loading for superannuation, the approved NGO indexation rate for 2024-25 is 3.75 per cent. The rate will apply to eligible state-government funded social services contracts from 1 July 2024.
Several adjustments were made to the methodology for setting the NGO indexation rate following a 2022 review conducted by Queensland Treasury. The core methodology continues to use forecasts for Wage Price Index (WPI) and Consumer Price Index (CPI), however a 0.5 per cent loading is now added to the WPI component to compensate for increases to the superannuation guarantee, which will continue until 2025-26.
Queensland Treasury will communicate directly with NGOs to update funding values for the forthcoming year.
If you have any queries, get in touch with Queensland Treasury.