'Crumbs off the table': Why some students say they feel left behind this election
The Coalition says it won't back Labor's promise to write off a portion of student debt if it's re-elected, calling the HELP cut "elitist" and "profoundly unfair". On Wednesday night, the Coalition released a statement saying it would not proceed with Labor's plan to cut 20 per cent from all student loans, which Labor says would save the average graduate about $5,520. "It's not fair that they [university students] should get thousands of dollars from taxpayers, but the young tradies who had to borrow to pay for their ute or their tools, or the uni students who diligently paid off their student debt, get nothing," the statement said. More broadly, the Coalition's policies on education focus primarily on tradespeople. They've promised to build 12 new technical colleges in areas with skill shortages and youth unemployment. This will allow senior high school students to enrol in school-based apprenticeships and traineeships while still earning a Year 12 certificate. They've also promised to return the number of apprentices and trainees in training to over 400,000 and have vowed to provide small and medium businesses with $12,000 to support the wages of new apprentices.
International students are also in their sights, with plans to cap international student numbers to 240,000 — 30,000 fewer than what Labor proposed last year. They say the move will help free up housing for young people. Universities Australia, a peak body for the sector, has pushed back against the "scapegoating" of international students, warning the move would harm the economy and damage Australia's reputation as a study destination.
Labor's pitch towards students has focused on its promise to wipe 20 per cent of student debt if re-elected, which they say will save about $5,520 for the average graduate. The policy, which would cost about $16 billion, would apply to around three million Australians. The government says it's aimed at relieving cost of living pressures on young people. The Albanese government has also pledged to lift the income threshold for student loan repayments from $54,000 to $67,000.
If re-elected, Labor has promised to introduce a $10,000 incentive payment for Australians in construction apprenticeships and to fast-track the qualifications of 6,000 tradies to help build more homes across Australia, as part of its 'Advanced Entry Trades Training program'. Labor will also make free TAFE permanent, and provide a payment to support nursing, midwifery, teaching and social work students to complete their unpaid prac requirements.
Education Minister Jason Clare said in November he intended to set up an Australian Tertiary Education Commission to provide non-binding advice on university course fees. But Labor is yet to announce plans to reform the scheme. "The Jobs-Ready Graduate scheme was and is a Liberal Party scheme to make students pay more for their education overall and channel them into degrees that they considered to be priorities," McVicar said. "I don't think the priorities of the party of Peter Dutton should dictate what's on offer to students in the higher education sector. I'm for a fully-funded and free higher education system without 'price signals' and soaring student debt."
They estimate this would cost $46.5 billion, which would be paid for by taxing big corporations. They also want all university debt abolished. "I think at a bare minimum, we should have free education again," McVicar said. "It could be easily covered with the money the government instead wants to spend on nuclear-fuelled submarines." Visit the to access articles, podcasts and videos from SBS News, NITV and our teams covering more than 60 languages.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
39 minutes ago
- Sydney Morning Herald
The investment you need to teach your kids about
It's often said that parents can help their children get an early understanding of investing by buying shares that they can track to gain an appreciation of wealth creation and the basics of the sharemarket. It's part of the same school of thought that encourages parents or grandparents to invest in cash accounts on behalf of children to give them a head start in life plus some early money lessons. But bonds are another potential investment alternative for children – and today they are much more accessible to the average population. In essence, bonds offer the potential for higher returns compared with cash. Credit: Dionne Gain The global bond market is, in fact, 22 per cent bigger than global sharemarkets. Its importance in diversified portfolios is highlighted by the fact that big super funds hold large allocations to bonds in most of their investment options. What makes these investments appealing to investors, and how can they contribute to establishing a robust financial future for young Australians? In essence, bonds offer the potential for higher returns compared with cash while generally presenting lower risk than equities. Examples include government, treasury, corporate, and municipal bonds. A government bond, for example, might raise money to fund projects or to build infrastructure. A corporate bond is instead issued by a company and the money used to help fund initiatives that will develop its business. An investor in a bond essentially lends their money to the issuer to complete these activities and receives the interest payment – or 'coupon' – for doing so. The asset class essentially aims to provide predictable income without too many ups and downs in capital value. This may make it a suitable long-term holding for the type of activities that resonate with parents and children – such as funding education, first-home deposits, gap years, holidays or just building savings from a child's own efforts. Bonds, with their slow and steady growth, help instil the importance of patience and the rewards of disciplined investing. Importantly for younger Australians, investing in bonds provides an excellent opportunity for parents to teach their children smart money lessons such as the value of consistency and the benefits of a long-term mindset. Bonds, with their slow and steady growth, help instil the importance of patience and the rewards of disciplined investing. What's more, this hands-on experience with bonds can boost a child's financial confidence and provide the perfect springboard for understanding more complex investments down the track. It's a much gentler – and safer – introduction to the financial world than the often wild ride of cryptocurrencies or speculative stocks. Of course, no investment is risk-free. Rising interest rates, inflation and the potential for issuers to default on payments to investors are among the biggest risks in fixed income.
The Age
39 minutes ago
- The Age
The investment you need to teach your kids about
It's often said that parents can help their children get an early understanding of investing by buying shares that they can track to gain an appreciation of wealth creation and the basics of the sharemarket. It's part of the same school of thought that encourages parents or grandparents to invest in cash accounts on behalf of children to give them a head start in life plus some early money lessons. But bonds are another potential investment alternative for children – and today they are much more accessible to the average population. In essence, bonds offer the potential for higher returns compared with cash. Credit: Dionne Gain The global bond market is, in fact, 22 per cent bigger than global sharemarkets. Its importance in diversified portfolios is highlighted by the fact that big super funds hold large allocations to bonds in most of their investment options. What makes these investments appealing to investors, and how can they contribute to establishing a robust financial future for young Australians? In essence, bonds offer the potential for higher returns compared with cash while generally presenting lower risk than equities. Examples include government, treasury, corporate, and municipal bonds. A government bond, for example, might raise money to fund projects or to build infrastructure. A corporate bond is instead issued by a company and the money used to help fund initiatives that will develop its business. An investor in a bond essentially lends their money to the issuer to complete these activities and receives the interest payment – or 'coupon' – for doing so. The asset class essentially aims to provide predictable income without too many ups and downs in capital value. This may make it a suitable long-term holding for the type of activities that resonate with parents and children – such as funding education, first-home deposits, gap years, holidays or just building savings from a child's own efforts. Bonds, with their slow and steady growth, help instil the importance of patience and the rewards of disciplined investing. Importantly for younger Australians, investing in bonds provides an excellent opportunity for parents to teach their children smart money lessons such as the value of consistency and the benefits of a long-term mindset. Bonds, with their slow and steady growth, help instil the importance of patience and the rewards of disciplined investing. What's more, this hands-on experience with bonds can boost a child's financial confidence and provide the perfect springboard for understanding more complex investments down the track. It's a much gentler – and safer – introduction to the financial world than the often wild ride of cryptocurrencies or speculative stocks. Of course, no investment is risk-free. Rising interest rates, inflation and the potential for issuers to default on payments to investors are among the biggest risks in fixed income.
Perth Now
39 minutes ago
- Perth Now
Hidden cost set to slash inheritance hopes
Younger Australians are over-estimating their inheritance as cost-of-living and stagnant wages means they need more than older Australians will be able to give them. New data released by Colonial First State shows Australians aged between 18 and 29 expect to inherit a whopping $525,000 on average, when the family home and leftover super is factored in. These high expectations come as younger Australians look to the older generations to help secure their financial future. Young Australians are expecting $525k in inheritance. NewsWire / Nicholas Eagar Credit: NewsWire But a combination of rising aged care costs, changing government regulations in the space and the sheer longevity of older people means this optimism around how much they will inherit is 'misplaced.' CFS head of technical services Craig Day warned these high inheritance expectations will come 'under pressure'. 'When you think about what older Australians are staring down the barrel of including longevity and rising aged care cost, this ($525,000) expectation is going to come under a lot of pressure,' he told NewsWire. 'A lot of the assets that are earmarked to be paid out as an inheritance may in the future be needed elsewhere.' CFS says most older Australians intend to leave something behind, but many underestimate just how much they will have left. The family home, vehicles and any remaining superannuation top the list to be passed down to the kids, but investment portfolios and other property have largely been earmarked for retirement income. CFS chief executive of superannuation Kelly Power said young Australians also need the money. 'Young people are increasingly relying on the wealth of their parents or grandparents due to rising living costs, stagnant wage growth and housing pressures,' she said. 'At the same time, older generations are navigating the complexities of retirement planning. 'They want to support their families while ensuring their own financial security. Australians are urged to chat with family to align on inheritance. Christian Gilles / NewsWire Credit: News Corp Australia Mr Day urged older and younger Australians to openly talk about their financial futures. 'It's important that young and old can discuss their expectations and plans openly. By having these conversations early, families can ensure that everyone is on the same page and can make informed decisions that align with their values and goals,' he said. 'It's why we're saying it's really important for families to have these conversations so they don't get to the point where it's oh bugger, I was expecting this much to pay off my mortgage before I started saving for my retirement but there's not much left.' Mr Day also said younger Australians should look at their retirement needs as early as possible, even though 'the realities of life' including cost of living pressures can make it harder to think long-term. 'It's never too early to start planning for retirement,' he said. 'The sooner you plan, the easier it becomes because you get the benefit of that compounding big snowball rolling and it helps you achieve your objectives sooner.'
