The increase in student loan debts has prompted calls for changes to the current indexation system. Independent Victorian MP Monique Ryan has launched an online petition that has garnered over 270,000 signatures, advocating for a fairer system. She argues that the current system is unjust, as over a million Australians’ debts are rising faster than they can repay them. Ryan has urged Education Minister Jason Clare to address this issue as a priority and implement necessary reforms. The Grattan Institute also made similar recommendations in its February report, suggesting indexation be applied only after loan repayments have been accounted for and that bank lending practices be reviewed to acknowledge the distinction between HELP loans and other forms of debt. Clare has previously acknowledged the concerns surrounding indexation, describing the current method as “not right.”
Australians’ Student Loan Debts to Surge by 4.8%
