US EditionAustralia Wipes $16 Billion Off Student Loans
AUSTRALIA, JUL 31 – The new law wipes out more than A$16 billion in debt and raises the repayment threshold to ease burdens on low-income earners, benefiting 3 million Australians, officials said.
- On Thursday, Australia's parliament passed the law cutting student loans by 20%, wiping more than A$16 billion for three million Australians.
- Amid a generational shift, the Labor Party made debt relief a core election pledge, emphasizing that Millennials and Generation Z, making up 43% of voters, prompted the focus.
- The government backdated the relief to June 1, 2025, wiping A$5,520 per average loan and raising the minimum repayment threshold from A$54,435 to A$67,000 to reduce debt burdens for low-income earners.
- Prime Minister Anthony Albanese said `We promised cutting student debt would be the first thing we did back in parliament and that's exactly what we've done`, marking his first law since May re-election.
- Helping young Australians, Jason Clare said this relief `takes a weight` off their backs and is repaying their trust from this year.
16 Articles
16 Articles
The Australian parliament on Thursday passed a bill that will cut student loans by 20 percent, saving about three million people more than A$16 billion (222 billion crowns) in their university debt. Prime Minister Anthony Albanese's government is fulfilling an election promise to reduce the cost of living.
Government's student loan relief bill passes, but it's a far cry from the free education of the past
Student debt relief and childcare reforms have become the first of the Albanese government's election promises to pass the new parliament. The reduction on student repayments assures a 20 per cent cut to all outstanding debts for current and past university students.
The Independent
The Independent (US)Why Australia wiped billions off student loans for millions of people
The Education Minister said the measure would help ‘take a weight’ off the backs of young people
Colorado Springs Gazette
Australia wipes $10 billion off student loans, targeting cost of living relief
SYDNEY (Reuters) -Australia’s parliament on Thursday passed a law to cut student loans by 20%, wiping more than $16 billion ($10.31 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost…
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