Australia’s parliament passed legislation on Thursday to cut student loan balances by 20%, providing more than AU$16 billion ($10.31 billion) in debt relief for three million Australians, as part of the government’s efforts to ease cost-of-living pressures.
The law, the first passed since Prime Minister Anthony Albanese’s center-left Labor Party was re-elected in May with a sweeping majority, fulfills a key campaign pledge aimed at addressing rising financial burdens on younger generations.
“We promised cutting student debt would be the first thing we did back in parliament – and that’s exactly what we've done,” Albanese said in a statement. “Getting an education shouldn't mean a lifetime of debt.”
Education Minister Jason Clare said the measure would help relieve financial stress for young Australians.
“Young Australians don't always see something for them on the ballot paper, but they did this year and they voted for it in their millions,” Clare told reporters. “And we're repaying now the trust that these young Australians have placed in us.”
Millennials and Generation Z made up 43% of the 18 million registered voters in May’s general election, surpassing the number of Baby Boomers.
Labor framed the debt cut as a move to address intergenerational inequality and alleviate living costs.
Under the new law, a university graduate with an average student loan of AU$27,600 would have AU$5,520 wiped from their debt.
The changes will be backdated to 1 June, 2025, before a 3.2% indexation for inflation takes effect.
The legislation will also raise the minimum income threshold for loan repayments from AU$54,435 ($35,100) to AU$67,000 ($ 43,200), reducing payment burdens for low-income earners.
Different countries have various approaches to student loans.
As of the end of 2024, the average total student loan debt in the U.S. stood at approximately $38,375 per borrower, based on federal student aid data, just below the federal average of $39,075 noted in early 2025, according to BestColleges.
In England and Wales, student loans are automatically written off after a set period (typically 25 or 30 years, depending on the loan plan). Graduates repaying under income-contingent repayment schemes pay only when their earnings exceed set thresholds, with interest applied differently under each plan. Students in England now graduate with an average debt of £53,000 ($68,3700).
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Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
Iran and the U.S. exchanged threats on Tuesday, as U.S. Defense Secretary Pete Hegseth warned Tehran to expect the “most intense day" of attacks so far. Meanwhile, Iranian President Masoud Pezeshkian said “anyone who entertains the illusion of destroying Iran knows nothing of history."
The Strait of Hormuz has become a focal point of global concern as tensions rise following the conflict involving Iran, the United States and Israel. Tehran has threatened to block the strategic waterway, raising fears of disruption to global oil shipments and energy markets.
Reports of so-called “acid clouds” moving from Iran towards Central Asia are not supported by scientific data, national hydrometeorological services in Kazakhstan, Uzbekistan and Kyrgyzstan say, adding there is no threat to the region.
Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
Global oil prices surpassed $119 a barrel on Monday (9 March, 2026), an almost four year high, as the Middle East conflict rumbled on.
China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
U.S. Ambassador to the United Nations, Mike Waltz, has addressed the U.N. Security Council, saying the world must consider how effective its engagement with the Taliban-run country is as millions face hunger.
British MPs have rejected a proposal to introduce an Australia-style ban on social media for under-16s, opting instead to give ministers flexible powers to impose restrictions on platforms.
Australia has granted humanitarian visas to five Iranian women footballers who sought asylum, fearing persecution after refusing to sing their national anthem at an Asia Cup match.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 10th of March, covering the latest developments you need to know.
U.S. President Donald Trump called his recent phone conversation with Russian President Vladimir Putin “very good.” The two leaders spoke on Monday about the situation in Iran and other international issues.
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