Labor’s signature student debt relief headed to parliament

When Anthony Albanese fronted the media in November to announce Labor would cut 20% of all student debt if he won government, he described the move as “about opening the doors of opportunity – and widening them”. Almost nine months later, the key election promise will be among the first pieces of legislation the Australian federal government introduces when parliament returns on Tuesday, reports Caitlin Cassidy for The Guardian.

If the legislation passes, 20% of student debt will be wiped from the three million Australians with outstanding loans, equivalent to about AU$16 billion (US$10.5billion), according to the federal government. The minimum repayment threshold will also be raised from AU$54,000 to AU$67,000, which is expected to save the average debt holder about AU$680 a year, and reduce the amount low-income earners have to pay.

The measures are being sold as providing cost-of-living relief for young Australians, who hold the bulk of student debt.
Full report on The Guardian site