Slashing Student Debt A Big Help for GWS
New analysis shows more than 250,000 Greater Western Sydney (GWS) residents paying off billions in student debt could save thousands of dollars if the Federal Government’s plan to slash student debt by 20% is realised.
Analysis of the latest Australian Tax Office data of HELP debts across Australia at the end of the 2021-22 financial year by the Western Sydney Leadership Dialogue shows GWS graduates are paying off $7.3 billion worth of student debt, more than half of Greater Sydney’s $13.7 billion student debt bill.
The analysis comes as the Federal Labor government promises to slash HELP debts by 20% if they are re-elected this year.
“It doesn’t matter if you’ve studied to be a nurse or neurosurgeon, this policy is about making it easier for our graduates to be whatever they want to be,” Dialogue CEO, Adam Leto said.
“Slashing student debt will support the future generation of skilled essential workers, particularly in GWS, where most student debt holders are based.”
GWS residents hold the majority (55%) of Greater Sydney’s HELP debts with the Inner South West, South West Sydney and Parramatta forming the top three statistical areas in Greater Sydney that had the most residents with a HELP debt.
According to the Australian Bureau of Statistics, the number of people gaining a bachelor’s degree in GWS has grown by 29% in the five years to 2021 with the top industries for increase in tertiary educated workers coming from the healthcare and social assistance, finance and education sector.
“The policy to slash student debt has been labelled as only benefitting the wealthy; I wouldn’t call carers, nurses and teachers particularly wealthy, especially those that have just entered the workforce,” Mr Leto said.
“As the data shows, tertiary education is a popular pathway for young people in Western Sydney, who are increasingly educated, mobile and aspirational – and the talent pool is set to grow even further over the coming decades.
“The policy put forward by the Federal Government will not only relieve a lot of financial pressure but also recognises the key role these graduates play in our economy.”
