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2mo ago

Albanese Government Introduces $16 Billion, 20% Student Debt Reduction Bill

Scheduled for debate on July 22, the bill will backdate a 20% reduction to June 1 with automatic application by the ATO.

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Overview

  • The legislation aims to wipe $16 billion from HELP, VET and apprenticeship loan balances for about three million Australians.
  • It raises the minimum repayment threshold from $54,000 to $67,000 to delay repayments for lower-income graduates.
  • Cuts will be backdated to June 1, 2025, before indexation and applied automatically via MyGov and the Australian Taxation Office.
  • Labor has made the bill its first legislative priority for the new term and secured non-blocking support from the Coalition and Greens.
  • The student debt relief forms part of a broader cost-of-living package that includes energy rebate top-ups, home battery discounts and apprenticeship bonuses.