Albanese kicks off election mode with 20 per cent off student loans

All Australians with student loans are in for a win, with Anthony Albanese announcing a massive discount on their debt. Read here for full details.

Australians with student debt will get a massive 20 per cent discount on their loans, wiping a staggering $16bn in debt across the country as Anthony Albanese fires the starter’s gun on the federal election race.

The Prime Minister will make the announcement in Adelaide on Sunday, with the discounts applying to loans for university degrees, apprentice support loans, vocational training debt and other kinds of education support schemes.

It would mean a university student with the average $27,600 in HELP debt will have $5520 wiped from their remaining loan next year.

It comes just a day after Mr Albanese announced Australians would only have to start paying back their student loans once they earn $67,000 or more, compared to the current threshold of $54,000.

“I will always fight for every young Australian to have access to a good education,“ Mr Albanese said.

Prime Minister Anthony Albanese will make revamping student debt a key issue at the next election. Picture: Martin Ollman

“My government will make sure our education system is fairer and affordable for every Australian, and we won’t delay unwinding the damage caused by the former Coalition government.

“We’re already fixing indexation and today we are going further by taking 20 per cent off student debt — for everyone with a student debt.”

The policy will appeal to younger voters who are being seduced by the Greens over the government’s position on the war in Gaza and the housing crisis.

The Prime Minister is also vying for struggling Australians who are unhappy with the cost of living ahead of the federal election, which is due no later than May.

After a train-wreck week spent denying he solicited free airline upgrades from ex-Qantas boss Alan Joyce, Mr Albanese spent the weekend mingling with Australia’s Sikh and Hindu communities at community events celebrating the holidays of Bandi Chhor Divas and Diwali.

On Sunday, he will join South Australian Premier Peter Malinauskas at a rally to deliver a speech on “Building Australia’s Future”.

People with student loans will get a 20 per cent discount on their remaining debt.

The Prime Minister is well and truly in election mode, with more rallies expected in the coming months where he will set out his vision for a second term of government.

Mr Albanese said the government was also committed to helping future students secure an affordable education.

“This will help everyone with a student debt right now, whilst we work hard to deliver a better deal for every student in the years ahead,“ he said.

“Our whole nation benefits when we make it easier for people to access education. This is about opening the doors of opportunity – and widening them.

“No matter where you live or how much your parents earn – we will work to ensure the doors of opportunity are open for you.”

Originally published as Albanese kicks off election mode with 20 per cent off student loans