Zaneta Mascarenhas MP
House of Representatives, Parliament House, Canberra
Private Members’ Business
I move:
That this House:
(1) commends the Government for its commitment to reduce student debt by 20 per cent by amending the law relating to:
- apprenticeship support loans;
- the Higher Education Loan Program;
- student start-up loans;
- vocational education and training student loans; and
- the student financial supplement schemes;
(2) recognises that when combined with the 2024 changes to indexation introduced by the Government, the 20 per cent reduction in student debt will cut approximately twenty billion dollars in debt for approximately three million Australians;
(3) acknowledges that reducing the debt burden for Australian graduates will enable them to better use their skills and earnings to build a better future for themselves and their families;
(4) further commends the Government for promoting intergenerational fairness, recognising that quality education can change lives, and noting that the rising cost of tertiary education over recent decades has coincided with increasing demands for higher qualifications; and
(5) calls on the Opposition to support the Government's measure to help more Australians access quality education, increase their earning potential and keep more of what they earn.
Thanks to the member for Chisholm, who will be seconding the motion. Both of our electorates are home to excellent universities—Monash University and Deakin University in her case, and Curtin University in mine. Curtin University is what brought me to Perth from the Goldfields.
As with many first-generation Australian families, my parents did not complete high school, but they placed a very high value on education. This is such a strong belief for so many migrant families. My parents were thrilled to see my sister and me graduate from university. It is because of this value that keeping the promise to cut student debt, making higher education fairer and more accessible, is the Albanese Labor government's priority, and we are delivering—delivering debt relief to three million Australians. That's 22,000 in my electorate of Swan.
Constituents of mine, like Giovanna in Wilson, have been looking forward to this change. No, Giovanna doesn't have a debt, but she has three adult children who have studied things like architecture, law and engineering. She has explained to me how, through having less debt, her adult children can set their sights on housing and owning their own homes. I think that this is very exciting, and I'm looking forward to seeing how this policy, combined with five per cent deposits, brings homeownership closer for young people like them. Giovanna embodies what's great about education. She is a teacher by trade, and she talked about her students like uncovering stars: you never know who will surprise you and shine the brightest. Sometimes it might be a student whose parents didn't go to university. Making education that little bit more accessible makes it easier for those stars to shine bright.
Sonya is another constituent of mine, a First Nations nurse with an old SFSS loan. She's an inspirational woman and has done amazing work with young people, and she is now working as a mental health nurse. She explained how long-term debt can cast a long shadow and that she hasn't seen a tax return for a long time. I'm pleased to say this policy will also apply to her, and I hope that this 20 per cent debt reduction brings a debt-free future closer for her. Sonia is an inspirational woman, and her knowledge has been powerful for those who face mental illness. I think it's wonderful that she's a role model for other First Nations people who might be interested in studying nursing. She has been like a sister to old folks, and a grandmother to the young.
I also note Deputy Speaker Scrymgour is in the chair. It is the first time we have had a First Nations person in the chair in the House. What I think is amazing is that we have the opportunity for people to see the change they want to see. Whether that's in nursing or here on the floor of the parliament, that's very exciting.
Corrosive debt is what HECS tries to avoid, with interest-free loans and income dependent repayments. But the increasing cost of degrees and the Liberals' deliberate flatlining of wages have made HECS a burden. Indexation would have added to this—until this government intervened. Now we are set to put a major dent in the cost and also make the payment system fairer. There will be a higher minimum repayment threshold of $67,000. Repayments will be a percentage of what is earned above this. That means that someone earning $70,000 was paying $1,750 annually, and now they will pay only $450 a year. Those on low incomes who are feeling the sting of the cost of living at the moment can earn more and keep more of what they earn.
Real wages are finally moving again. This is why the coalition's kneejerk reaction was so disappointing—to deny younger generations a hand up and to portray it as a handout, framing this as undeserved and at the taxpayer's expense. It was the same meanness Australia rejected at the election. While our government was delivering tax cuts and banked surpluses, the Liberals fought culture wars. Meanwhile, we're investing in education, and we're making a positive future for all young people.
