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Greens Announce Plan To Wipe All Student Debt (Read 247 times)
whiteknight
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Greens Announce Plan To Wipe All Student Debt
Nov 11th, 2024 at 1:41pm
 
Greens announce plan to wipe all student debt, putting an extra $5,500 into people’s pockets a year and making it easier for first home buyers   Smiley
2024-11-11
greens.org.au
At a time when skyrocketing student debt is making the cost-of-living crisis worse, the Greens have announced an election plan to wipe all student debt, unshackling almost 3 million people from their debts and allowing people to keep more of their paycheck. Since Labor came to office, total student debt has soared to over $81 billion1, and student debt has risen by 16%.

The Greens have relentlessly pushed the Albanese Government to deliver desperately needed student debt relief since they came to power, and the pressure has worked in securing changes to indexation as well as recent commitments to raise the minimum repayment income and cut student debt by 20% after the election.

However, Labor’s plans still fall short of what’s needed- Labor’s indexation tweaks still lock in student debt hikes every year. 80% of a lifetime of debt is still a lifetime of debt. All student debt should be wiped.

The Greens’ plan to wipe all student debt, part of the party’s ‘Robin Hood’ reforms, will be paid for by taxing big corporations that are profiting off price gouging during a cost of living crisis. For someone who has an average student debt and who earns an average income, the Greens’ plan would result in a debt of $27,600 being wiped and a saving of $5,500 a year2- enough to cover more than six months’ worth of groceries3.

The latest ATO data shows that almost 57,000 Australians have a student debt of more than $100,000 compared to less than 23,000 in 2018-194. Meanwhile, the number of people with a student debt of more than $50,000 has doubled over the last five years, from 7% to 14%. The Greens’ policy will wipe these massive, stifling debts which take years to pay off and make it easier for so many to save money, start a family and get ahead.

Wiping student debt will also make it easier for people to buy their first home. Recent analysis from the NAB shows that having an average student debt reduces the borrowing capacity of a person on a $120,000 salary by $90,0005. 

The Greens plan to wipe student debt has been independently costed by the PBO. Based on this analysis, the plan would have a fiscal impact of $74 billion over the decade. Wiping student debt will overwhelmingly benefit young people and women, with recent parliamentary library data showing that 71% of student debt is owed by people below the age of 35 and 59% of student debt is owed by women.

The policy will be announced by Deputy Greens Leader and Higher Education Spokesperson Senator Mehreen Faruqi and Greens candidate Samantha Ratnam in the key Greens target seat of Wills on Monday. The Greens are running a massive people-powered campaign in Wills, where less than 1 in 10 people need to change their vote for the Greens to win the seat. Greens volunteers have already knocked on over 20,000 doors in Wills.

Student debt is a key concern for voters in Melbourne electorates like Wills. Melbourne is bearing the brunt of the student debt crisis, where more than 650,000 people owe a staggering $19.4 billion in student debt. This is higher than any other capital city. Student debt will also be a key concern for voters in the Prime Minister’s home city of Sydney, where more than 615,000 people owe almost $19 billion in student debt.

With a minority Parliament looming, the Greens say wiping all student debt is a key policy demand for the Party this election and will be on the table and pushed in any minority Parliament negotiations after the next election.

Lines from Senator Mehreen Faruqi, Deputy Leader of the Australian Greens & Higher Education Spokesperson:

“Wiping student debt will put money back in the pockets of people who desperately need it to make ends meet, pay rent or save for a deposit for their first home.

“With everything from rents to grocery bills through the roof, wiping all student debt will make a real, tangible difference to so many people doing it tough.

“The Greens have a plan to take on the price-gouging corporations and coal and gas giants to make them pay their fair share of tax and wipe all student debt so you keep more of your weekly paycheck.

“The Greens are the only party fighting to wipe all student debt so you have more money to spend on the things you need.

“Student debt can’t be fixed because student debt shouldn’t exist. All student debt should be wiped. If Anthony Albanese can go to uni for free, so should everyone else.”

Lines from Samantha Ratnam, Greens candidate for Wills:

“Whether it be spiralling student debts or unrestrained rent rises, young people are being totally let down by Labor and their inadequate, bandaid solutions.

“So many people in Wills tell me that their student debt is holding them back. Wiping student debt will make life better for so many people.

“It's hard enough for first home buyers in Wills to get a foot in the door without student debt making it even harder.

“People in Wills know that they can’t keep voting for the same two parties and expecting a different result. Only the Greens will wipe your student debt, so you can keep more of your paycheck.”
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lee
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #1 - Nov 11th, 2024 at 1:46pm
 
Ah the freedom of choice to be a Green candidate. No fees. Grin Grin Grin Grin
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Daves2017
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #2 - Nov 12th, 2024 at 11:27pm
 
https://www.abc.net.au/news/2024-11-12/hecs-help-student-financial-supplement-sc...

The Hawk / Keating experience still going wrong to this day!
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Thomas A. Edison said as early as in 1931, “I’d put my money on the sun and solar energy. What a source of power! I hope we don’t have to wait until oil and coal run out before we tackle that.”
 
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Grappler Truth Teller Feller
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #3 - Nov 13th, 2024 at 10:04am
 
Free education for a free country and a free future and a free approach to knowledge!!!  Get your number plates here... oh - and chop some of those finest salaries in the land..... FFS ... $1.8m for a clerk-n-jerk ...


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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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lee
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #4 - Nov 13th, 2024 at 2:17pm
 
"The Greens want to cancel all student debt – but this will not make uni education ‘free’ "

https://theconversation.com/the-greens-want-to-cancel-all-student-debt-but-this-...

And the Greens still haven't defined "price gouging". They think anything over a dollar figure they provide will be proof of price gouging. Nothing to do with cost of sales etc. Roll Eyes
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Dnarever
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #5 - Nov 13th, 2024 at 3:15pm
 
Quote:
Greens Announce Plan To Wipe All Student Debt


Should be done but the greens can say anything knowing they are never going to be in a position to do anything.
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Dnarever
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #6 - Nov 13th, 2024 at 3:19pm
 
Daves2017 wrote on Nov 12th, 2024 at 11:27pm:
https://www.abc.net.au/news/2024-11-12/hecs-help-student-financial-supplement-sc...

The Hawk / Keating experience still going wrong to this day!


The original HECS was about $1,700 a year max. Howard turned that into $100,000.00 courses.

While the Keating plan was opening the door and a big error it was Howard who put the crippling Liberal party price tag on the policy.
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Dnarever
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #7 - Nov 13th, 2024 at 3:22pm
 
Whitlam made education free. It created 30 years of economic growth and more than paid for itself.

Educating the traditional wealthy kids instead of the smart kids undermines the country's success.
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Bobby.
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #8 - Nov 13th, 2024 at 4:00pm
 
Dnarever wrote on Nov 13th, 2024 at 3:15pm:
Quote:
Greens Announce Plan To Wipe All Student Debt


Should be done but the greens can say anything knowing they are never going to be in a position to do anything.




Yes and they didn't say how they planned to replace the lost revenue?

"fiscal impact of $74 billion over the decade"
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Dnarever
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #9 - Nov 13th, 2024 at 4:05pm
 
Bobby. wrote on Nov 13th, 2024 at 4:00pm:
Dnarever wrote on Nov 13th, 2024 at 3:15pm:
Quote:
Greens Announce Plan To Wipe All Student Debt


Should be done but the greens can say anything knowing they are never going to be in a position to do anything.




Yes and they didn't say how they planned to replace the lost revenue?

"fiscal impact of $74 billion over the decade"


People always say that but either party will push through any number of policies that cost as much with no explanation. They can most always find the money when they want too.

This would be very good for Australia sad that it won't happen.
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Bobby.
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #10 - Nov 13th, 2024 at 4:08pm
 
Dnarever wrote on Nov 13th, 2024 at 4:05pm:
Bobby. wrote on Nov 13th, 2024 at 4:00pm:
Dnarever wrote on Nov 13th, 2024 at 3:15pm:
Quote:
Greens Announce Plan To Wipe All Student Debt


Should be done but the greens can say anything knowing they are never going to be in a position to do anything.




Yes and they didn't say how they planned to replace the lost revenue?

"fiscal impact of $74 billion over the decade"


People always say that but either party will push through any number of policies that cost as much with no explanation. They can most always find the money when they want too.

This would be very good for Australia sad that it won't happen.



The money is printed when needed.
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lee
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #11 - Nov 13th, 2024 at 4:11pm
 
In reality it all has to be paid somehow. Through increased taxes. That means the tradie, the bloke in the street pays for the "free" education. Why should ordinary Aussies pay for an Arts degree?
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Dnarever
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #12 - Nov 13th, 2024 at 4:23pm
 
lee wrote on Nov 13th, 2024 at 4:11pm:
In reality it all has to be paid somehow. Through increased taxes. That means the tradie, the bloke in the street pays for the "free" education. Why should ordinary Aussies pay for an Arts degree?


It should have never been allowed to happen in the first place. The instigators are all parasites who benefited from Whitlams free education.

The conservatives have always wanted expensive education just to keep the poor out of it and make them factory fodder. The problem is that not educating the smartest of us costs the country in the long term. Just as pushing dumb entitled children from wealthy families through the system damages Australia in the long term.
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Bobby.
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #13 - Nov 13th, 2024 at 5:01pm
 
lee wrote on Nov 13th, 2024 at 4:11pm:
In reality it all has to be paid somehow. Through increased taxes. That means the tradie, the bloke in the street pays for the "free" education. Why should ordinary Aussies pay for an Arts degree?



Yes - unless it has something to do with technology we shouldn't have to pay for it:

maths,
science,
medicine,
engineering.
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Frank
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Re: Greens Announce Plan To Wipe All Student Debt
Reply #14 - Nov 13th, 2024 at 5:47pm
 
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Estragon: I can’t go on like this.
Vladimir: That’s what you think.
 
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