Australian Senate Passes Bill to Cut 20 Percent Off Student Debt

On average the bill will save $5,520 for each individual affected—about 3 million Australians are expected to see their study debt cut.

Students walk at the University of Newcastle's Callaghan campus in New South Wales, Australia on March 24, 2025. Roni Bintang/Getty Images

Labor’s key election pledge to cut student debt by 20 percent is now official with the Australian Senate passing the bill on July 31.

The change is expected to affect 3 million young Australians, delivering an average taxpayer-funded debt reduction of $5,520 per person.