The Albanese government has introduced a bill to reduce student HECS debts by 20%, aiming to ease the financial burden on graduates. The proposal faces criticism for lacking structural reform, with calls for changes to the indexation process and broader education funding policies.

Canberra

The Australian government has introduced legislation to reduce student HECS debts by 20%, fulfilling a key election promise. The bill, valued at $16 billion, would see an average of $5,500 wiped from the typical loan of nearly $28,000, affecting around 3 million graduates who collectively owe $80 billion.

While the move has been welcomed by some, critics argue it does not address deeper structural issues within the HECS system. Independent MP Dr Monique Ryan has proposed an amendment to change the timing of indexation, aiming to prevent debts from rising faster than they can be repaid. The Coalition has described the measure as a short-term benefit for a limited group, and broader concerns remain about the high cost of tertiary education in Australia.

Government set to slash HECS debt

The cost of a tertiary education in Australia is a heavy burden to bear. I just try to avoid thinking about my HECS debt as much as I possibly can. So, you know, in the thousands, many, many thousands. For nine months, Labor paraded a one-off 20% student debt reduction as one of its key election promises. And on day two of its return to Parliament, it was the top item of business. To take a weight off their back, I commend the bill to the House. Hear, hear. But the government's reduction in HECS debt is not the structural reform that we need to the HECS system. Independent MP, Dr Monique Ryan, championed the broader national conversation, speaking exclusively to 10 News, revealing that she'll put forward an amendment to the bill next week. Let's change the timing of indexation, so that the payments that young people are making are accredited to their accounts before we then essentially apply indexation or what's really, it's like interest. Which will stop debt rising faster than students can pay it off. People aren't really thinking about their HECS debt. They're thinking about their rent. The new legislation is a $16 billion bill, which the Coalition has labelled a sugar hit, benefiting a small cohort at the expense of many. People who've been to uni and paid off their debts. People who will be doing an education at university and accruing a debt. People who've never been to uni and don't have a debt. Australia has some of the highest education fees in the OECD. Is that good enough for Australians who want to be able to fill in those jobs that are so lacking at the moment? Measure what matters and then work out what we can afford. If you really value something, you can afford it. Some 3 million Australian graduates are $80 billion in debt. And for an average loan of just shy of $28,000, the legislation will see $5,500 wiped off. Unless they keep doing it every year or so, it's just going to keep, you know, piling up for someone. I think it's the bare minimum considering the job-ready graduates package. Basically what I'm saying to the government is, you know what to do. Don't wait for the ATEC. Don't kick the can down the road. With a policy that won over young voters during the election campaign. Here we go. I've got everyone. Jessica Maggio, 10 News.

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Breakdown