Australia Slashes Student Loan Burden by 20%

The Australian government, led by Prime Minister Anthony Albanese, plans a 20% cut in student loans for three million Australians, erasing A$16 billion in debts. This initiative, part of a broader strategy to alleviate living costs, aims to provide immediate relief to graduates with substantial student loans.

The Australian government has announced a significant reduction in student loans, offering 20% debt relief for approximately three million citizens. This decision, revealed by Prime Minister Anthony Albanese, aims to alleviate A$16 billion in educational debts.

The latest initiative is an extension of May's budget strategies targeting the high cost of living in Australia. Aside from reducing student debts, the budget plans to make medicines more affordable and enhance rent assistance programs.

Albanese emphasized the government's commitment to securing better opportunities for students. The planned reforms will lower annual repayment rates and increase the income threshold for starting repayments as part of efforts to counter inflation and enhance the Labor party's position ahead of the upcoming federal election.

(With inputs from agencies.)