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The Australian government is poised to reduce $3 billion in student debt, impacting over three million Australians, as the bill passed the lower house on Oct. 10.
Education Minister Jason Clare announced that the bill, which targets student debt relief, has successfully cleared the House of Representatives and will now be considered by the Senate.
“This is a crucial step forward in alleviating the financial burden for millions of Australians,” Clare said.
The bill will adjust the indexation of Higher Education Loan Program (HELP) debts, and link debt indexation to the lower of the Consumer Price Index (CPI) or Wage Price Index (WPI), based on the Universities Accord recommendation….