Australians with student debts are set to have hundreds of dollars added to their loans amid calls to change how increases are calculated. Some 2.95 million Australians have a Higher Education Loan Program debt, such as HECS-
debt increased from about 1.85 million to 2.95 million. That has come against the backdrop of a growing population and changes to higher education policy. Notably, between 2012 and 2017 a demand-driven funding system was in place which lifted caps on government-funded enrolments. Then in 2021, changes under then-Liberal prime minister Scott Morrison saw fees for some degrees soar, while others that aligned with skills shortages fell.
debts have also been described as "the backbone of the economy" . Last financial year, the ATO collected $4.9 billion from students paying back