Albanese government to reduce student debts under new plan [Video]

Millions of Australians will have their university and TAFE debts slashed in an election pledge targeting young voters.

The Albanese government will reduce student debts by 20 per cent should it win the looming federal election in 2025.

Under the plan, a graduate with an average HELP debt of $27,600 will see around $5520 wiped from their outstanding loan.

It will also apply to the Vet Student Loan, Australian Apprenticeship Support Loan and other income-contingent student loans.

Millions of Australians will have their student debts reduced under an Albanese government plan to deliver financial relief. (Louie Douvis/AFR)

At a press conference in Adelaide, Prime Minister Anthony Albanese said education was “at the heart of Australia’s future”.

“This generation of students are graduating from three-year degrees with debts of $30,000, $40,000, $50,000,” he said.

“That level of debt hangs over you.

“And, because of the changes in rising costs, it comes out of your take-home pay sooner.

“Fixing this intergenerational unfairness …