Up to 3 million Aussies will get some financial relief after the Albanese government announced it will reduce student debt in the upcoming budget. The debts are usually indexed – aka increased – every June to keep up with the Consumer Price Index – aka inflation – but from now on, they’ll be calculated on whichever figure is lower out of either CPI or wage growth. The policy is being backdated to 2023 and Education Minister Jason Clare says it will “wipe out around $3 billion in student debt”. It means someone with an average HELP debt of $26,500 will have about $1,200 cut from their loans this year. In another pre-budget sweetener for students, nursing, teaching and social work students will be eligible for a $320 weekly payment to avoid “placement poverty”. But Deputy Liberal Leader Sussan Ley says the HELP relief won’t be of much comfort as people will still see their total amount going up, and “know that it’s looming over them”.