Posted on 08/05/2025 12:31:42 PM PDT by nickcarraway
Australia's parliament on Thursday (July 31) passed a law to cut student loans by 20 per cent, wiping more than A$16 billion (S$13.37 billion) in debt for three 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 Labour 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 young people.
"Young Australians don't always see something for them on the ballot paper, but they did this year and they voted for it in their millions," he said at a press conference.
"And we're repaying now the trust that these young Australians have placed in us."
Millennials and Generation Z made up 43 per cent of the 18 million people enrolled to vote in Australia's May general election, outnumbering Baby Boomers.
Seizing on the generational shift, Labour made cutting student debt a key election promise, framing it as a measure to ease living costs and tackle intergenerational inequality.
The government said reducing student loans by one-fifth was equivalent to more than A$16 billion in debt relief for three million Australians.
It would mean a university graduate with an average loan of A$27,600 would have A$5,520 wiped, the government said, adding the changes would be backdated from June 1, 2025, before the loans were indexed 3.2 per cent for inflation.
The law would also raise the minimum repayment threshold from an income of A$54,435 to A$67,000, reducing the amount low-income earners would have to pay.
They wanted to be a socialist, I mean sociologist. Now, pay back the money.
So government runs a system that puts people into debt slavery, but to get some short term political support, gives some slaves from select groups some short-term debt relief.
Yeah, its totally moral and licit.....
Where men plunder (typed in my best Men at Work voice)
Crikey ...
Exactly.
I wonder if they will consider that debt relief taxable income, like they do in the USA.
Did the Australian government force those students to take on that debt? No? Why, then, should the rest of aussie taxpayers foot the bill?
Smart people will know that it's now on the backs of taxpayers.
Because their Deep State says.
And until Australians change that, their Deep State will continue to do whatever it thinks it can get away with doing.
Next it will be credit card debt.
That’ll teach those young people...to be irresponsible.
Vote pandering. I don’t know why. Commonwealth nations are all moocher populations now. They will bend over and take it every time as long as free stuff is promised.
Unfortunately.
Correct. Just the opposite.
It’s a bandaid solution for the real problem you point out.
Give up your guns, and now your machetes. We’ll forgive your student loans and keep you safe. We promise not to oppress you. Honest!
This is a bailout for radical college professors.
These professors deliver millions and millions of indoctrinated voters who will vote correctly for the rest of their lives.
So from government’s point if view, giving a bailout to professors was a national security matter.
This bailout was in the national interest.
I don’t doubt you in the slightest.
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