Australian Prime Minister Anthony Albanese announced a 20% reduction in student loans, benefiting about three million Australians and wiping out approximately A$16 billion in debt. The measure, which follows a broader initiative to address living costs, will take effect on June 1, 2025. This relief means graduates with average loans of A$27,600 would see A$5,520 erased. The government also aims to lower annual repayment rates and raise the income threshold for repayments. Additionally, if re-elected, the Labor Party plans to guarantee 100,000 free places at technical and further education institutions each year, marking a commitment to accessible education.
Student Debt
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