Tradespeople and university graduates will have a fifth of their student loans wiped in a striking Labor pledge to ease the debt burden on younger Australians.
Prime Minister Anthony Albanese, whose government is sagging in polls and fighting to inspire young voters, said $16 billion would be erased from the national debt pile of more than $70 billion, immediately shaving $5500 off the average debt of just over $27,000.will have $10,000 taken off their balance, drastically shortening the amount of time it will take to pay back a loan.
The proposed start date for the debt cut is July 1 next year, meaning the pledge might turn into a core election promise.Albanese will make the announcement at a rally with South Australian Premier Peter Malinauskas on Sunday. The wiping of debt, which mirrors similar moves by the US Democrats, although Americans are not helped by the government to pay tertiary study fees, will affect people with HELP debts , VET student loans and apprenticeship support loans.
On Saturday, Labor said it would lift the income threshold at which a person must start paying back their loans, from $54,500 to $67,000. The figure will be indexed so it rises in line with wages.The government will also adopt a recommendation by the Universities Accord to move to a marginal repayment system.
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