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Treasurer Jim Chalmers is preparing to hand down his third federal budget on Tuesday, as he promises more cost-of-living relief while managing inflationary pressures. Speaking to 7 NEWS on Sunday, the treasurer confirmed it would be a budget for “mums and middle Australia ... families and pensioners and students and young people”. “It will be a responsible budget,” he said.
Millions of Australians will have hundreds of dollars wiped from their student loans, after the government announced HECS indexation will now be calculated on whichever figure is lower between the consumer price index and wage price index. The policy will be backdated to June 1, 2023, meaning last year’s 7.1 per cent indexation will be decreased to the WPI of 3.2 per cent. The measure is expected to cut about $1200 from the average debt of $26,500.
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Relief for millions of students as $3billion in HECS debt set to be wiped7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
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