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The Albanese government’s signature HECS reforms passed parliament on Thursday, meaning more than three million Aussies will see thousands of dollars wiped from their student debt.
For those with an average debt of $27,600, it’s a saving of $5520.
The Bill also included changes to when the money needs to be repaid, saving those on lower incomes from mandatory deductions.
Here’s everything you need to know about the changes – and when they’ll come into effect.
HOW MUCH WILL I SAVE?
The reforms will wipe about $16bn of HELP debt, VET loans and apprenticeship loans for approximately three million Australians.
According to calculations from the government someone with the average HELP debt of $27,600 will have $5520 wiped from their…
Australia’s parliament has passed a law to cut student loans by 20%, wiping more than $A16 billion ($NZ17.47 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost of living.
The law is the first passed by Prime Minister Anthony Albanese’s centre-left Labor Party since being re-elected in May with one of the country’s largest-ever majorities.
“We promised cutting student debt would be the first thing we did back in parliament – and that’s exactly what we’ve done,” Albanese said in a statement.
“Getting an education shouldn’t mean a lifetime of debt.”
Education Minister Jason Clare said the measure would help “take a weight” off the backs of…
The Sportsbet “live odds” segment has been an AFL television broadcast mainstay for years.
Hosted by former player Nathan Brown, the segment was broadcast before and during games, opening with an analysis of how the players and team might perform.
It would end with a suggested bet for people watching at home.
For as long as the segment has existed, it has attracted criticism from those opposed to gambling advertising.
“The ads are packaged as part of the culture and the norms of the game,” Ross Gordon, from the University of Technology Sydney’s business school, said.
“I think there’s been community concern around that … that you can’t watch sport now on TV in Australia without that really being embedded within it.“
Australia’s Prime Minister Anthony Albanese. Photo: MIKE BOWERS / AFP
Australia’s parliament on Thursday passed a law to cut student loans by 20 percent, wiping more than AU$16 billion (NZ$17.4 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost of living.
The law is the first passed by Prime Minister Anthony Albanese’s centre-left Labor Party since being re-elected in May with one of the country’s largest-ever majorities.
“We promised cutting student debt would be the first thing we did back in parliament and that’s exactly what we’ve done,” Albanese said in a statement.
“Getting an education shouldn’t mean a lifetime of debt.”
As of July 1, new legislation went into effect to help Vermonters struggling with medical debt.State Treasurer Mike Pieciak said the initiative is a two-step approach. The new law will erase $1 million of debt for working and middle-class Vermonters. This is an automatic entry, so people who are eligible do not need to apply.It will also remove medical debit from credit reports, regardless of income status.Pieciak said his office will be working with Undue Medical Debt, an organization that negotiates with hospitals and other healthcare centers.”Undue Medical Debt has a long track record of buying and forgiving medical debt across the country. They just surpassed $15 billion, but they also just announced that they’re eliminating…
The house always wins in gambling, and soon it could feel like Uncle Sam does too. That’s because gamblers face what amounts to a tax hike beginning in 2026: They’ll no longer be able to deduct the full amount of their wagering losses.
New rules included in the massive tax bill that was signed into law in July will reduce the tax deduction gamblers can claim on their losses, from 100 percent to 90 percent, starting next year.
Consider this: If a gambler wins $20,000 and loses $20,000 in the same year, this change in tax law affects how much of those losses they can deduct:
In tax year 2025, before the new rule, the taxpayer can deduct the full $20,000 in losses.
Three million Australians will have their student debt slashed as Labor passed the highly anticipated legislation through parliament.
As promised to voters, the Albanese government introduced the HECS debt bill to cut 20 per cent from existing university and TAFE debts as its first order of business last week.
It passed the Senate on Thursday morning, 36 votes to three. Crossbenchers David Pocock, Fatima Payman, and Tammy Tyrrell all voted with the government and the Greens.
Education Minister Jason Clare said the average $5,500 that Australians would save is a “big deal”.
“That’s a lot of weight off their back, and it will help a lot of young people that might be just out of uni, just out of home, just getting started,” he told reporters…
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GREENSBORO, N.C. — Got debt? You’re not alone. Business Insider estimated the average debt for each North Carolina resident last year. was $96,000+. This number includes mortgages, car loans, student loans, and credit card debt.
Debt consolidation may sound like the only way out of major credit card debt, but before you go with just any company that promises help, let’s look at what Consumer Reports recommends.
“The program combines your payments into one monthly…
Australian construction-industry insolvencies surged nearly 21 per cent last financial year to a new high, reflecting what the corporate regulator said was a greater use of insolvency appointments by small businesses restructuring debts in a way that would let them keep trading.
Figures published by the Australian Securities and Investments Commission on Monday showed economy-wide insolvency appointments for the year to June revealed a jump in construction-industry insolvencies – the single largest sector – from 2977 in FY24 to 3595, while total insolvencies rose 33 per cent to 14,716.
