Three million Australians will receive a 20 per cent reduction on their HECS and student debt over the next two weeks. The Australian Taxation Office (ATO) started sending out text messages to the first round of 100,000 Aussies notifying them their debt had been cut.
Another 1.5 million Australians will get the same text message this week when the changes are automatically applied. This will be followed by a further 1.5 million people the week after, with an estimated $16 billion in debt to be wiped in total.
With the average HECS debt sitting at around $27,000, Education Minister Jason Clare said the average reduction…