One of the Albanese Government’s biggest campaign promises was to reduce student debt by 20 per cent. The promise was that HECS and HELP debt balances at 1 June would be reduced by a fifth.
But 1 June has been and gone and many Australians are wondering where their debt reduction is. The good news is that the debt reduction is coming, but it won’t appear until July 2025 or later. Here’s what you need to know.
We have to wait for the legislation to pass first
The reason those of us with a HECS & HELP debt haven’t yet seen a reduction in their student loan balances is because the legislation technically hasn’t passed through parliament yet.
Australia is a democratic constitutional monarchy, which a prime minister as our head…