When Anthony Albanese fronted the media in November to announce Labor would cut 20% of all student debt if he won government, he described the move as “about opening the doors of opportunity – and widening them”.
Almost nine months later, the key election promise will be among the first pieces of legislation the federal government introduces when parliament returns on Tuesday.
Here’s what you need to know about how it will work, who it will help, and what’s missing.
What’s changing?
If the legislation passes, 20% of student debt will be wiped from the 3 million Australians with outstanding loans, equivalent to around $16bn according to the federal government.
The minimum repayment threshold will also be raised from $54,000 to…