Australian Government Wiping Around $3 Billion in Student Debt

More than 3 million Australians will have their student debt cut, as Labor addresses high indexation rates on student loans.

Three million Australians will see their university student debt reduced by a collective $3 billion. Andreas Rentz/Getty Images

More than three million Australians will have their student debt cut by the Albanese government as they wipe around $3 billion (US$2 billion) in student debt.

The cut was announced by Education Minister Jason Clare and Skills and Training Minister Brendan O'Connor on May 5.