Albanese hits campaign mode with HECs relief pitch
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The news: Prime Minister Anthony Albanese will announce another suite of HECs debt relief if Labor wins the next election.
The context: The Albanese government is continuing its series of cost-of-living pre-election announcements as it faces growing dissatisfaction in the polls.
On Sunday, Albanese will announce a raise the minimum repayment thresholds for HECs debts from $54,000 in 2024-24 to $67,000 the following financial year. The threshold would also be indexed to remain at 75% of graduate earnings.
It follows the government wiping $3 billion off HECs debts in May, by setting indexation at whichever is lowest between inflation or wages growth.
But crossbenchers have consistently urged the government to go further in helping students. That includes calls for a ‘cynical’ loophole, which applies interest to an original debt despite a graduate paying it off incrementally throughout the year.
Albanese will make the announcement alongside South Australia Premier Peter Malinauskas at a campaign rally in Adelaide, where he will deliver the first of a series of pre-election speeches centred on ‘Building Australia’s Future’.
What they said: “We will make it easier for young Australians to save in the future, and we are going to make the system better and fairer as well,” Albanese said in a statement.
“This is good for cost of living. Good for intergenerational fairness. Good for building Australia’s future.”
The source: Prime Minister press release
