A relative of mine had a $5000 HECS/HELP debt at the beginning of this financial year (July 1, 2023). Repayments have been deducted from her pay every fortnight. Yesterday, she checked the total still owing, so that she could finalise the debt. The ATO still shows $5000 as her current debt. Despite 10 months of repayments, her debt has remained the same. This $5,000 is what will be indexed (increased by as much as 6%) on June 1 unless we can freeze indexation.
The whole HECS/HELP debacle is in the media right now, owing to attention from the Greens and Teals. I am hearing some “solutions” that involve reducing, rather than stopping indexation. This is unacceptable. We need to demand to know where the 11 months of repayments is going and why it is not immediately being used to reduce our debts before they are indexed.
Victory will only be declared when the government agrees to freeze indexation for 2024 while we work out fair and sustainable solutions.