"This will help everyone with a student debt right now, whilst we work hard to deliver a better deal for every student in the years ahead," Australian Prime Minister Anthony Albanese said.
"We know that 80% of the children who are in primary school today will need either a university degree or a Technical and Further Education qualification, not as an added bonus for their employment, but as a precondition to getting a job because of the changes that are happening in the economy."
Andrew Norton from the Australian National University emphasized that future debt should also be reduced, pointing out that stress from high levels of student debt is damaging for young Australians.
The government stated that the changes mean the average graduate with a loan of $18,200 would have $3,642 wiped from their bill, facilitating better financial prospects.
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