Students would save $3bn over a decade if Labor changed Hecs indexation date by five months

About 3 million students and graduates will see their Hecs debts increase on Monday, when they are indexed by 2.8%. New costings show how much they would save if the government changed the date of indexation on Hecs debts. Photograph: Lukas Coch/AAP

University graduates would save more than $3bn over a decade if the government changed the date of indexation on Hecs debts, dubbed a “broken system” in its current form by independent MP Monique Ryan.

About 3 million students and graduates will see their Hecs debts increase by a combined $1bn on Monday, when they are indexed by 2.8%.