$16 Billion Student Debt Reduced for 3 Million Australians, Fiscal Concerns Remain

The ATO will process $16 billion in cuts over the next two weeks.

Australian Education Minister Jason Clare speaks during the Universities Australia Conference dinner at Parliament House in Canberra, Australia, on Feb. 22, 2023. AAP Image/Mick Tsikas

The Albanese government has begun wiping billions from student loans, with the Australian Taxation Office (ATO) this week starting the staged rollout of the country’s largest-ever reduction in HELP debt.

More than three million Australians will see their balances fall automatically, with no forms, claims or applications required.