Julie-Ann Campbell (Moreton, Australian Labor Party) Share this | Hansard source

Recently I had the great pleasure of visiting the Nathan campus of the highly regarded Griffith University in my electorate of Moreton on Brisbane's south side. I asked students there a simple question: what is 20 per cent of $27,000? The responses were mixed. There was a bit of head scratching, some puzzled looks, some valiant guesses and a number of correct answers: $5,400. When I explained to the students that $5,400 is the average amount that will be cut from HELP debts based on an average debt of $27,000, they were all unanimous in their excitement. Today I rise to make a statement on the provisions of the Universities Accord (Cutting Student Debt by 20 Per Cent) Bill 2025 so that Labor can deliver its promise to the students and the graduates of Griffith University and to every student across the breadth and depth of our nation.

In its first term, the Albanese Labor government acted on the need to implement reforms in education, recognising the urgency to develop a long-term plan that would make our education system both better and fairer. Labor commissioned the first review into the Australian higher education system since 2008. If we cast our minds back, 2008 was the year The Dark Knight was the highest-grossing movie, and it was the year Low, by Flo Rida, was in the charts—and I was still at university in ra-ra skirts and double Bond singlets! The review was conducted over 12 months and it resulted in the Universities Accord.

The accord's purpose is to focus on the recommendations and outcomes of the review to achieve improved quality, accessibility, affordability and sustainability in higher education. The accord's final report summarises that need for modernisation of the HELP system and the need for the system to have the capacity and ability to respond to changing circumstances to support increased participation in higher education. Recommendation 16 of that final report highlights student contributions that are fairer and that better reflect the lifetime benefits students will gain from studying, as well as HELP loans that have fairer and simpler indexation and repayment arrangements.

The Albanese Labor government knows that it is vital to break down the barriers to further education or training. We are committed to every Australian getting the higher education and training that they need for secure, well-paid jobs. A key part of this is Labor's commitment to making student loan programs both more affordable and fairer when it comes time to pay the loans back. This sits in absolutely stark contrast to what we have seen from those opposite. What we have seen from the Liberals is that, at every moment, at every turning point, at every decision-making opportunity, they have chosen to vote against cost-of-living measures that will give people who need it the most the support that they need at an incredibly tough time. In this tough time, it is those across the aisle who have said that said student debt should not be cut, pracs should not be paid and TAFE should not be free. This is the difference between a Labor government and a Liberal-National or Liberal government.

Over 26,000 people in my electorate of Moreton have an outstanding HELP debt. That is nearly 20 per cent of my electorate. The average amount owed on those debts is $31,000. This legislation will help every single one of those people. Cutting student debt was an election promise, and the Albanese government is delivering. The Prime Minister has said from the outset that this is a government that is about delivering on the commitments that it has made. In the weeks since, we have seen over and over again us delivering on the commitments that we made at the election.

This bill helps make the HELP system fairer and firmly focuses on easing those cost-of-living pressures that are so critical right now. During the campaign, we promised that this would be our first order of business. It will deliver a debt cut to over three million Australians—those with a student loan debt as at 1 June this year. This is direct cost-of-living relief. It is relief that hits the hip pocket. Less to pay back means people having more choice on how to spend their income.

This $3 million includes the almost 280,000 students in the vocational education and training sector. This cohort alone will see half a billion dollars of student debt cut from their vocational education and training student loans and Australian apprentice support loans. We are lucky enough in my local electorate to house the largest trade training centre in the entire Southern Hemisphere. It is TAFE Queensland's SkillsTech at Acacia Ridge. I recently took the Deputy Prime Minister there. While we were there, we had the great opportunity to meet carpenters, people who will build the homes of the future, the homes that we so desperately need. This is what's making sure that we have reduced barriers to student debt is all about. It's not just about addressing cost of living; it's also about investing in the skills that we need to drive our nation forward and to deliver those critical promises, like on housing, that the Albanese government has committed to. The total amount of student debt wiped is around $16 billion.

I mentioned earlier how excited the students of Griffith University were to learn about receiving a 20 per cent cut to their HELP debt. They were also relieved. They were relieved because, for the majority of students, the prospect of paying off a large debt once they have graduated is daunting. The impact that this debt can have on their capacity to borrow money for other reasons, such as housing, can be discouraging. This legislation also raises the minimum amount that you have to earn before you need to start pay offing your debt. It is increasing from $54,435 in the 2024-25 FY to $67,000 in 2025-26. After this bill is passed, people will only have to pay a percentage of the part of their income that is above the minimum repayment threshold. This is a reform that not only directly responds to recommendation 16 of the Universities Accord final report; it's also a reform that will have a significant impact on people who are just entering the workforce.

I know from speaking to people with HELP debt on Brisbane's south side that they have too often encountered difficulties with accessing financial loans. In February this year the Treasurer requested banking regulators review that system. APRA and ASIC have now concluded this process, and it is more positive news for those with student debt. APRA is now advising banks to remove HELP debt from debt-to-income reporting, and ASIC has amended its regulatory guidance, signifying that HELP debts are different to other forms of debt, as the repayment amounts are dictated by an individual's income. These measures will assist those with student loan debt to access critical finance for things like housing.

As the child of two teachers I know how important education is. Labor is the party of education. The government's achievements in education in its first term speak to that. Labor has implemented reforms in the early childhood education and care sector, in primary and secondary education and throughout the tertiary education sector. At every stage of education, it is Labor that's investing. From January this year we've expanded the fee-free uni-ready courses which support even more students from disadvantaged backgrounds to access university. Around 68,000 nursing, midwifery, teaching and social work students now receive a payment for their compulsory pracs thanks to Labor. Free TAFE has inspired 650,000 enrolments across Australia, and 170,000 courses have been completed. These newly qualified workers will become the backbone of our workforce and the lifeblood of our economy.

I am proud that in my first two weeks in this place our focus has been on taking action on the cost of living and driving the Albanese Labor government's education agenda with 20 per cent off student debt. I will finish with the words of a constituent and current Griffith University student, who told me, 'I'm so happy about getting 20 per cent off HELP; I'm less stressed about money and I'm less stressed about post-grad study that I want to do.' Breaking down barriers to further education; supporting our nation to grow and prosper; and building a better and fairer education system benefits us all. Today we will leave a lasting legacy for our students of tomorrow.

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