Australia to slash $10 billion off student debt amid cost of living pressures
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 A$16 billion ($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. The changes would mean the average graduate with a loan of A$27,600 would have A$5,520 wiped, the government said, adding that they would take effect from June 1, 2025.
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