Australia Passes Law to Cut Over $3 Billion in Student Debt

The government takes action to retroactively fix last year’s soaring student loan indexation rate.

Students enter the University of New South Wales (UNSW) in Sydney, Australia, on Sept. 22, 2016. AAP Image/Dean Lewins

The bill aimed at eliminating over $3 billion (US$2 billion) in education debt for three million Australians is now law.

Seen as a direct move by the Albanese government to woo young voters ahead of the elections, the legislation passed through Parliament on Nov. 26.