Australian PM Pledges $10.5 Billion Student Debt Reduction
- Albanese says debt relief will come into effect by June 2025
- Australia is due to hold an election in the next six months
Australia plans to reduce all student loans by 20% from June 1 next year.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Australia’s center-left Labor government has pledged to cut A$16 billion ($10.5 billion) in student loans for universities and skills colleges ahead an election due by May, aiming to counter voter frustration at rising living costs.
The government plans to reduce student loans by 20% from June 1 next year, affecting more than three million Australians, Prime Minister Anthony Albanese said in a statement. The measure will cut A$5,520 off an average loan of A$27,600, the government said.