Millions of Australians are set to have $3 billion worth of HECS-HELP debt wiped under a plan to revamp student loan indexation. The move was confirmed as Treasurer Jim Chalmers outlined the 2024 Federal Budget on Tuesday night.
Instead of interest, student debts rise each year in line with the consumer price index (CPI). But after an inflation blow-out, and millions being saddled with big increases, the government has moved to cap indexation to whichever is lowest out of CPI and the wage price index (WPI).
Yahoo Finance has put together a simple explainer to help you understand all the changes and how they will impact you.
Find out how the 2024 Federal Budget will impact you by following Yahoo Finance’s live coverage here.
