Steve Georganas (Adelaide, Australian Labor Party) Share this | Hansard source

I'm very proud to be standing here today in this chamber to speak about one of Labor's promises from the last election that we are now bringing to fruition through policy in this House. At the last election, we spoke about the cost of living and that this government will do all it can to help with the cost of living because it was at the top of Labor's agenda. We promised to cut student debt, and the Albanese Labor government is delivering. Today is proof of that. This is a significant policy for the more than three million Australians with a HECS or student debt, and that's why, as promised by the Prime Minister, the Universities Accord (Cutting Student Debt by 20 Per Cent) Bill 2025, which was presented last week, was the first bill to be introduced by the re-elected Labor government.

I am so proud that this Albanese Labor government will cut student debt by 20 per cent. What this means in my electorate of Adelaide is that the 28,520 students and graduates with a HECS or student debt, including VET and TAFE loans, will enjoy an average saving of $5,000. That's why Labor is building Australia's future through its policies. We know that this will make life easier for more than three million Australians with student debt, their families and their local communities. Whether they're just starting out in their career, saving for a home or juggling a mortgage and a young family, every single dollar counts.

As most of us in this chamber are aware, it takes a lot of time, hard work and sacrifice to save or pay $5,500. The member for Swan earlier was spot on that, when combined with the 2024 changes to indexation introduced by the government, the 20 per cent reduction in student debt will cut over $16 billion in debt for our students, our graduates and their families.

This policy absolutely promotes intergenerational fairness, recognising that the rising cost of quality tertiary education over recent decades—and we all know that quality education can change lives—has coincided with increasing demands for higher qualifications. Back in my day, I went to TAFE; I didn't go to university. I did go to university for a very short time but dropped out because it just wasn't for me. But, when I went back to TAFE in the early eighties, I think the fee at the time was around $30 per semester. That enabled me economically to be able to work and have a decent wage at the time and to also be able to afford to get an education and go on in life and do bigger and better things. It is so important that we make education as affordable as possible for people, and we know that, to build Australia's future productivity and prosperity, we need to educate and upskill more Australians.

Last year, the government wiped $3 billion of HELP debt and fixed the system so the indexation on the HELP debts can never increase faster than wages. These are all important measures. This government has locked free TAFE into law, and this landmark policy has seen more than 650,000 enrolments across the country, with approximately 170,000 of these courses already completed. They are training and learning skills that are much needed in our economy and much needed in Australia at the moment.

From 1 July 2025, this Labor government has established the Commonwealth prac payment to support about 68,000 eligible teaching, nursing and social-work students while they're completing their compulsory practical training at university. Again, these are important skills in industries, like the health industry, that we need. We have a huge shortage, and these are all making a difference in our nation and our health system.

We've also massively expanded the fee-free uni-ready courses, which are life-changing courses that help more students from disadvantaged backgrounds get a chance to access university. Changes to the way that universities are funded will start from 2026 and will help more people from the outer suburbs and regions get a chance to go to university and provide them with the support that they need.

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