Australia to slash $14b off student debt amid cost of living pressures

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Australia to slash $14b off student debt amid cost of living pressures
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SYDNEY - Australian Prime Minister Anthony Albanese said on Sunday that his government planned to cut student loans for around three million Australians by 20 per cent, wiping around A$16 billion (S$14 billion) in debts.

Australian Prime Minister Anthony Albanese speaks during a press conference at the Parliament House in Canberra, Australia, on June 17, 2024.SYDNEY - Australian Prime Minister Anthony Albanese said on Sunday that his government planned to cut student loans for around three million Australians by 20 per cent, wiping around A$16 billion in debts.

"This will help everyone with a student debt right now, whilst we work hard to deliver a better deal for every student in the years ahead," Albanese said in a statement announcing the cut to student loans for tertiary education.

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