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Australia cut student debt by 20% for over 1 million, with $16B erased and more relief coming.
Australia has automatically reduced student debt by 20% for over one million people, with 1.5 million more expected to receive relief by the end of next week.
The change, applied by the ATO and backdated to June 1, wipes nearly $16 billion from the debts of about three million students and apprentices, removing roughly $5,500 on average.
No action is required, and balances can be viewed via myGov.
The government also raised the income threshold for repayment to $67,000 from $54,435 and lowered minimum payments.
Additionally, 9,500 new domestic university spots will open in 2026, part of a push to have 80% of the workforce hold a tertiary qualification by 2050.
Australia redujo la deuda estudiantil en un 20% por más de 1 millón, con $ 16B borrados y más alivio en camino.