Budget Savings (Omnibus) Bill 2016

The majority voted in favour of a motion to pass the bill in the Senate. In parliamentary jargon, they voted to read the bill for a third time.

Since the bill's already passed in the House of Representatives, it will now become law.

What does this bill do?

This bill does a lot of work! It crosses eight different portfolios, from Education to the Treasury. Read more about it in the bills digest.

For example, the bill:

• will lower the minimum threshold for repaying Higher Education Loan Programme (HELP) debts from $54,868/years to $51,956/year;
• gets rid of the Job Commitment Bonus; and
• reduces funding to the Australian Renewable Energy Agency.