Australia plans $10.5 billion in student debt cuts

The Labor government plans to reduce all student loans by 20% from June 1 next year, affecting more than three million Australians, according to a joint announcement Sunday from Prime Minister Anthony Albanese and other ministers. "My government will make sure our education system is fairer and affordable for every Australian," he said. The measure will cut A$5,520 off an average loan of A$27,600.