A re-elected Albanese Labor Government will cut a further 20 per cent off all student loan debts, wiping around $16 billion in student debt for around three million Australians.
University students and graduates will see an average of $5,520 wiped from their HECS debt and new data has revealed how each state and territory is expected to benefit.
Labor has also promised students cost-of-living relief under changes to repayment arrangements.
The minimum threshold for repayments would be lifted by more than $10,000 a year, from about $54,000 to $67,000.
For someone on an income of $70,000 this will mean they will pay around $1,300 less per year in repayments.
These changes will provide significant relief to Australian students and…
