Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

I thank the member for Griffith for her question—my favourite member for Griffith for some time, it must be said. And I'm pleased that that comment has got bipartisan support across this chamber. We are very pleased that the first piece of legislation to pass this House was, as we said we would do, when I launched the policy in Adelaide in the electorate of Sturt last November to cut student debt by 20 per cent. This will cut the debt of three million Australians by an average of $5½ thousand each, and it will make reforming the system to make repayments fairer as well, making that long-term difference.

Last week I met with some young Australians here in Parliament House who went through exactly what difference it would make to them. Emma from the University of Canberra will save $8,000. Alex from Monash uni is saving more than $20,000. But, importantly as well, Jennifer, Izzy and Lauren came in from the Canberra Institute of Technology. They have saved tens of thousands of dollars between them on their TAFE courses because of course they're getting some access to free TAFE, but, in addition to that, it has made an enormous difference.

Jennifer said: 'I am now so relieved I'll be saving about $8,000 from $40,000 of debt. It makes such a huge difference. I feel such a huge weight off my shoulders, and I really feel I can focus on my course, finishing my course, and getting into my industry.' Izzy said: 'When I looked at the amount I had to pay, it really was scary to look at, but I knew I had the opportunity to get a VET loan to do what I am passionate about. Now, with the 20 per cent cut in student debt, it's really opened up many doors and opportunities.' And Lauren said: 'The 20 per cent means quite a bit to me, as I am currently trying to save my first home. This makes an enormous difference.'

Cutting student debt represents a practical difference for their futures, and that's precisely what I said during the election campaign when I said no-one held back and no-one left behind. This is opening up opportunities for Australians to undertake a university or a TAFE course but also not penalising them to do so. It is a question of intergenerational equity. I'm very pleased that it has now passed the House and will pass the Senate later today.

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