Sam O’Leary will wake up on Thursday $1,858 dollars further in debt. It’s not because he splashed out on a holiday, home loan or car – instead, the amount was automatically added to his $26,552 student loan.
O’Leary is one of more than 3 million Australians who collectively owe $74bn in student debt, a number that will rise to about $80bn on Thursday as a7.1% indexation rate – the highest in decades – comes into effect.
