Australia wipes $16 billion off student loans

Australia’s parliament has passed a law to cut student loans by 20%, wiping more than $A16 billion ($NZ17.47 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost of living. The law is the first passed by Prime Minister Anthony Albanese’s centre-left Labor Party since being re-elected in…

HECS reduction: Labor passes student debt cuts

Three million Australians will have their student debt slashed as Labor passed the highly anticipated legislation through parliament. As promised to voters, the Albanese government introduced the HECS debt bill to cut 20 per cent from existing university and TAFE debts as its first order of business last week. It passed the Senate on Thursday…