Workplace Relations Minister Tony Burke says the Albanese government’s decision to cap the Higher Education Loan Program indexation rate recognises that students want to avoid the burden of unreasonable levels of debt. The capped rate will eliminate about $3 billion of student debt by ensuring the indexation matched either the Consumer Price Index or Wage Price Index , depending on whichever was lower The decision comes after Australians were slugged a student debt increase of 7.
Burke said the move was “a big call” that was based on the “simple principle” that students worked hard because they wanted “to be able to get ahead”. “They don’t want to be saddled with unreasonable levels of debt and what happened was sleeping getting into moderate from where it was in that final quarter before we came to office,” he said on Sky News.
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