More than three million Australians, including thousands of students throughout the Hunter, are expected to have their HECS debt slashed in this month’s budget, to the tune of a collective $3 billion.
This move is designed to reduce cost-of-living pressures, as well as the hesitation of young people to enter higher education.
Every June HECS debts are subjected to percentage point changes, making sure the amount owed keeps up with inflation.
For more than three decades indexation was calculated on the Consumer Price Index (CPI), which is now at historic highs.
The Australian Government will cap the higher education HELP indexation rate at the lower of either the Consumer Price Index (CPI) or the Wage Price Index…
