Australia's parliament on Thursday passed a law to cut student loans by 20 percent - removing over AU$16 billion in debt for 3 million people.

During this year's election, Labor made cutting student debt a key election promise, framing it as a measure to ease living costs and tackle intergenerational inequality.

Australian correspondent Murray Olds explained that the student loan cuts weren't just for degree holders, but trade students also got some of their course-related debts waived too.

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Australia's parliament on Thursday passed a law to cut student loans by 20 percent - removing over AU$16 billion in debt for 3 million people.
During this year's election, Labor made cutting student debt a key election promise, framing it as a measure to ease living costs and tackle intergenerational inequality.
Australian correspondent Murray Olds explained that the student loan cuts weren't just for degree holders, but trade students also got some of their course-related debts waived too.
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Murray Olds: Australian correspondent on Australia taking AU$16 billion off student loans

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