$3 billion worth of HECS debts to be wiped out for millions of Australians

More than three million Australians will have their student debt wiped in a bid to win over younger voters crushed by the cost of living crisis. Education Minister Jason Clare on Sunday announced the government would cap the Higher Education Loan Program indexation rate, eliminating about $3 billion of student debt.

A person with an average HELP debt of $26,500 would have about $1200 cut from their outstanding loans this year under the change, pending legislation passing. The credit for someone with $130,000 in student debt would be almost $5900. Deputy Liberal leader Sussan Ley said she found the suggestion students who weren't already paying back debt wouldn't be worried about increases "really insulting".

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