Australian Prime Minister Anthony Albanese said on Sunday that his government planned to cut student loans for around three million Australians by 20%, wiping off around 16 billion Australian dollars ($10 billion) in debts.
The move builds on May's budget, which attacked cost of living pressures in Australia and gave debt relief for students, as well as more investment to make medicines cheaper, and a boost to a rent assistance program.
"This will help everyone with a student debt right now, whilst we work hard to deliver a better deal for every student in the years ahead," Albanese said in a statement announcing the cut to student loans for tertiary education.
The changes would mean the average graduate with a loan of AU$27,600 would have AU$5,520 wiped, the government said, adding that they would take effect from June 1, 2025.
Persons:
Anthony Albanese, " Albanese
Locations:
Australia