University graduates to save $5,500, on average, in Albanese plan to wipe 20% of student debt

Federal government overhaul to remove close to $20bn of student debt for 3 million Australians

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All Australians will have their student debt cut by 20% next financial year, as part of a major federal government overhaul designed to boost access to education and address “intergenerational unfairness”.

The change, which will be outlined by the prime minister at a campaign rally in Adelaide on Sunday, will wipe about $16bn worth of debt and is being sold as a cost-of-living measure for young Australians.

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