More than 3.2 million Australians’ student debt now cut by 20 per cent

We promised it and we have delivered it.

More than 3.2 million Australians have now had their student debt cut by 20 per cent.

In total, the Albanese Government has cut more than $16 billion in student debt.

The ATO has sent more than 2.8 million messages notifying people of their cut. 

There are some people who have had their debt cut but the ATO doesn’t have current contact details for. Those people can see their updated balance by logging in to MyGov. 

There are around another 34,000 people whose debts will be cut next week.

Quotes attributable to Minister for Education Jason Clare:

“A weight has been lifted off the backs of young Australians heading into Christmas this year.

“The average student debt was $27,600 and we’ve taken about $5,500 off that.

“We promised it, Australians voted for it and we have delivered it.”

Quotes attributable to Minister for Skills and Training Andrew Giles: 

“Our Government’s 20 per cent cut to student debt is now a reality for millions of Australians – including around 300,000 students and apprentices from the VET sector. 

“Ralph, a nursing student from Canberra, is one of those to benefit. He told me his student debt cut will help him keep studying as he works towards becoming a registered nurse. 

“From student debt cuts to programs like Free TAFE and the Key Apprenticeship Program, we’re backing Australians to get the skills they want for the jobs we need.”

Quotes attributable to the Assistant Treasurer and Minister for Financial Services Daniel Mulino:

“For many young Australians, the text message from the Australian Tax Office telling them their student debt has been cut by 20% will be one of the most welcome.

“The Albanese Government policy, promised and delivered, will help students as they plan for their future.

“Less debt will give them a firmer foundation on which to build their lives.”