The prime minister says he will announce soon a response to a recommended overhaul of HECS as calls come from the crossbench to look at wiping student debt.
The Albanese government is expected to change the rate and timing of HECS indexation in the federal budget as people grappling with massive student debt brace for another large rise in June.
The Universities Accord released its final report in February, calling for the government to make numerous changes to how student debt is calculated and when it is deducted. The expert panel, chaired by scientist and consultant Mary O’Kane, recommended fixing the rate of indexation to the lowest of either the wage price index or the consumer price index.
Albanese said the government was examining the recommendations before an announcement, adding he wanted more people to go to university.However, the changes would have to be legislated, meaning it is uncertain relief would flow to students and graduates before June, which an analysis conducted by the Parliamentary Library for the Greens showed would increase debts by between 4.2 and 4.8 per cent, raising the amount of an average loan of $26,494 by up to $1272.
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