More than three million Australians will have their student debt wiped in a bid to win over younger voters crushed by the cost of living crisis.
Education Minister Jason Clare on Sunday announced the government would cap the Higher Education Loan Program (HELP) indexation rate, eliminating about $3 billion of student debt.
The capped rate would ensure indexation matched either the Consumer Price Index (CPI) or Wage Price Index (WPI) — whichever was lower —
About $3 billion in student debt will be wiped for some three million Australians, Jason Clare says. Source: AAP / Lukas Coch
The was based on CPI, whereas under WPI, the debt spike would have only been 3.2 per cent.
The government said it would backdate the change — which formed…
