Today’s Consumer Price Index (CPI) data confirms three million Australians will be hit with another 4.7 per cent increase in their student debt, driving up the average HELP* loan by $4,000 since Labor was elected.
The average HELP debt of $26,494 is set to increase by another $1,245, a student debt trap that no Australian deserves.
Fuelled by the Albanese Government’s sky high inflation, HELP indexation increased to 3.9 per cent in 2022 and 7.1 per cent in 2023, bringing the total increase in student loans under Labor to 15.7 per cent.
Australians with a student loan have been totally betrayed by this incompetent government.
With total HELP debt set to exceed $82 billion, education minister Jason Clare’s lack of action on student debt is abysmal.
In the face of escalating student debt, a cost of living crisis and an acute housing shortage, a five per cent fall in university enrolments this year shows Labor’s economic policies are making it harder to go to university.