The government will also not be supporting this amendment. This is a government that has done more for student debt than the Greens have ever done and ever will. We will continue to reform the HECS system to take the pressure off Australians with a student debt, and we will do it in a staged and methodical way.

First, we are fixing indexation, which is what this bill does. The bill caps the indexation rate at the lower of either the consumer price index or the wage price index, with effect from 1 June 2023. This wipes out what happened last year and ensures it can't happen again. This will cut around $3 billion in student debt for more than three million Australians. We will then deliver further relief to all Australians with student debt by 1 July next year—