THE HON JASON CLARE MP
MINISTER FOR EDUCATION
THE HON BRENDAN O'CONNOR MP
MINISTER FOR SKILLS AND TRAINING
JOINT MEDIA RELEASE
CUTTING STUDENT DEBT FOR MORE THAN THREE MILLION AUSTRALIANS
The Albanese Government will cut the student debt of more than three million Australians in this month's Budget.
Our Budget will be all about easing pressure on Australians and continuing the fight against inflation at the same time as we lay foundations for future growth in our economy.
This action taken will wipe around 26,500 will see around 15,000
25,000
30,000
35,000
40,000
45,000
50,000
60,000
100,000
130,000
3 billion in student debt from more than three million Australians.
"The Universities Accord recommended indexing HELP loans to whatever is lower out of CPI and WPI.
"We are doing this, and going further. We will backdate this reform to last year. This will wipe out what happened last year and make sure it never happens again."
Quotes attributable to Minister for Skills and Training Brendan O'Connor:
"This continues our work to ease cost of living pressures and reduce and remove financial barriers to education and training.
"VET Student Loans and Apprenticeship Support Loans support many Australians to get the skills they need for secure and rewarding careers, and these changes make sure that help is provided on a fairer basis.
"By backdating this reform to last year, we're making sure that those with student loans affected by last year's jump in indexation get this important cost-of-living relief."
