Cash-strapped millennials and millions of other Australians will have their student debt slashed by $3 billion under a cost of living measure announced on Sunday by Prime Minister Anthony Albanese.
Australians will have their student debt slashed by $3 billion under a cost of living measure announced today by Prime Minister Anthony Albanese .
By backdating this reform to last year, student loans affected by last year’s jump in indexation get this important cost-of-living relief. “This will wipe out around $3 billion in student debt from more than three million Australians,” Education Minister Jason Clare said. “Just did a back of the envelope on my student debt. I graduated with a debt of $99,700 and have paid back around $12k,” she wrote on X.education reporter said this included an increase of more than $7200 as a result of last year’s record indexation.
The Government has announced today it will cap the HELP indexation rate to be the lower of either the Consumer Price Index or the Wage Price Index with effect from June 1, 2023. This is why so many people are – despite making thousands in repayments – finding themselves in the same position or even worse off than they were the previous year.Ahead of last year’s 7.1 per cent indexation, 25-year-old Betty Zhang told news.com.au she was bracing for her debt to jump by an extra $8300.
Cost-Of-Living Relief Debt Rise Indexation Rate Australian Taxation Office Federal Government Politics & Creative Writing Betty Zhang Melbourne University Universities Accord Loan Debt Increase Student Loan Debt Credit Amount Indexation Credit Debt Spiral Anthony Albanese Loan Accounts Student Debt Ken Henry Jason Clare Global Communication Rising Rental Costs Education Reporter Multiple Degrees
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