Corinne Mulholland (Queensland, Australian Labor Party) Share this | Hansard source

With the Universities Accord (Cutting Student Debt by 20 Per Cent) Bill 2025, the Albanese Labor government is delivering on our commitment to cut student debt by 20 per cent. This will benefit more than three million Australians. In fact, in my home state, over 600,000 Queenslanders have a HECS debt and will benefit from this bill. We have a combined HECS debt in this country of $16.3 billion, with the average national debt being $27,000. This legislation will cut each person's student debt by about $5,520, helping their borrowing capacity and delivering cost-of-living relief. It will put more money in the back pockets of those with a student debt when they need it the most.

We didn't just listen when university students, vocational students, apprentices and graduates told us that their debt was growing too high, was too difficult to repay and was locking them out of housing and other initiatives. We acted, because that's what Labor governments do. That is why I think it is really important to reiterate that this legislation makes it clear that the 20 per cent student debt cut will be backdated to 1 June 2025—before this year's indexation.

Recently, I had the pleasure of going down to and speaking to students at Griffith University's campus in Nathan. I spoke to Shay, who was studying a bachelor of forensics and criminology. Shay told me that her group chat had been blowing up with a mixture of excitement and relief as her friends discussed how many thousands of dollars they would be saving under Labor's student debt bill. I know Shay has been waiting for this legislation to pass so she can see the benefits of that 20 per cent cut to student debt. In fact, every student I spoke to on campus, including Archie, Emma and Olivia, all shared Shay's excitement.

But I also need to apologise to Shay and all the students I met at Griffith University, because, while we are working to get this legislation through ASAP for you, we are, sadly, having to work around the usual politicking of those opposite. Before the most recent election, the coalition attacked this policy. In doing so, they attacked three million Australians with HECS debt. Those opposite called this measure 'elitist' and 'unfair'. They said Australians would see no benefit from this policy. Well, the Australian people and, in particular, Australian students disagreed with the narrow view of the world of those opposite. Australians instead elected Labor, with its positive agenda for a more educated, fair and innovative future.

This initiative builds on the significant reforms the Albanese government has already implemented to help more Australians obtain higher levels of qualifications and education—no matter their field of study or work. Last year we wiped $3 billion of HECS debt and fixed the system so that the indexation on HECS debts can never increase faster than wages. From 1 July 2025, the Labor government established a Commonwealth prac payment. This will support 68,000 eligible teaching, nursing, midwifery and social work students while they are completing their compulsory prac training at university. The Albanese government has also locked fee-free TAFE into law. This landmark policy has seen more than 650,000 enrolments across the country, with 170,000 of those courses already completed. Free TAFE is a pivotal part of the Albanese government's plans to address the skills shortages in Australia—skills shortages in fields such as agriculture, aged care and health care, construction, early childhood education, manufacturing and so much more. Labor believes that a rising tide lifts all boats.

From 1 January 2025, the Labor government massively expanded fee-free university-ready courses, which are life-changing courses that help more students from disadvantaged backgrounds to get a chance to access university. Every dollar of this initiative will multiply in benefits to our nation, creating more skilled workers, innovative thinkers and problem solvers who will lift the industry into the future.

I say to the nurses, teachers, engineers and scientists—in fact, to any Australian who has backed themselves by pursuing higher education: the Albanese government is here to back you as Labor has always done and always will do.