Australia to slash A$16 billion off student debt amid cost of living pressures
SYDNEY - Australian Prime Minister Anthony Albanese said on Sunday that his government planned to cut student loans for around three million Australians by 20%, wiping around A$16 billion in debts.
"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 government said it already planned to cut the amount that Australians with a student debt have to repay per year and raise the threshold to start repayments.
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