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       Australia's parliament has passed a law to cut student loans by 20 per cent, wiping more than A$16 billion ($10.31 billion) in debt for three million people.

       This legislation, the first enacted by Prime Minister Anthony Albanese’s centre-left Labor Party since their re-election in May with one of the country's largest-ever majorities, fulfils a key election promise aimed at easing the rising cost of living.

       Prime Minister Albanese said in a statement: "We promised cutting student debt would be the first thing we did back in parliament – and that’s exactly what we've done."

       He added: "Getting an education shouldn't mean a lifetime of debt."

       Education Minister Jason Clare said the measure would help "take a weight" off the backs of young people.

       “Young Australians don't always see something for them on the ballot paper, but they did this year and they voted for it in their millions,” he said at a press conference.

       “And we're repaying now the trust that these young Australians have placed in us.”

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       Australian Prime Minister Anthony Albanese previously said reducing student debt would be the first legislative priority for his government(Reuters)

       Millennials and Generation Z made up 43 per cent of the 18 million people enrolled to vote in Australia’s May general election, outnumbering Baby Boomers.

       Seizing on the generational shift, Labor made cutting student debt a key election promise, framing it as a measure to ease living costs and tackle intergenerational inequality.

       The government said reducing student loans by one-fifth was equivalent to more than A$16 billion in debt relief for three million Australians.

       It would mean a university graduate with an average loan of A$27,600 would have A$5,520 wiped, the government said, adding the changes would be backdated from June 1, 2025, before the loans were indexed 3.2 per cent for inflation.

       The law would also raise the minimum repayment threshold from an income of A$54,435 to A$67,000, reducing the amount low-income earners would have to pay.