Student loan help as Albanians recalibrate work program – Australian Associated Press

University graduates struggling with cost of living pressures are in the Prime Minister’s crosshairs as he tries to turn the page on the controversy surrounding his Qantas flight upgrade and home purchase.

Anthony Albanese will announce a pledge to raise the minimum student loan repayment threshold by about $13,000 a year by 2025, so that graduates will start paying off their debt when they earn $67,000 instead of $54,000.

This value would be indexed and remain at 75 percent of graduates’ earnings.

The government will also move to a marginal repayment regime, in which the amount of debt repaid will be a proportion of income above a given threshold, in line with the recommendations of the Universities Accord.

After several weeks of observation, the Prime Minister wants to recalibrate his government’s interests.

Reports that Albanese received 22 free upgrades from Qantas, some while he was transport minister, as well as allegations that he personally worked with the airline’s former boss Alan Joyce, dogged the prime minister for much of the week.

Previously, there had been controversy surrounding his decision to buy a $4.3 million clifftop property on the New South Wales Central Coast, with questions raised over whether the purchase was a “good deal” amid the cost of living crisis.

The Prime Minister will join his South Australian counterpart at an election rally on Sunday to announce student loan policy and begin laying out Labor’s agenda ahead of the next election in May.

“This is what Labor governments do – we help people under pressure and build the future,” Albanese said.

“This will be at the heart of the positive and ambitious agenda we put forward to Australians at the next election.”

The average HELP debt holder will save about $680 a year, with graduates earning $70,000 paying $1,300 less and those earning $80,000 receiving a $850 cut.

The changes would affect around one million young Australians and would apply to all graduates earning up to $180,000 a year.

The government will aim to introduce changes to the regulations in 2025 and have signaled further action on student loans.

“Work will always be a side of education. No matter where you live or how much your parents earn, we will work to keep the doors of opportunity open to you,” the Prime Minister said.