Pakistan, July 31 -- Australia has officially passed a new law cutting student loan debts by 20%, bringing major relief to over three million people across the country. This bold move clears a combined US$10 billion in student debt, easing a significant financial burden on current and former students. Many Australians rely on government-backed loans to cover their university or technical education expenses.

University fees in Australia have reached record highs in recent years. A basic degree now costs around US$25,000 (AUS$40,000) per year, leading to long-term debts that often take decades to repay. With rising living costs, the burden has only become heavier for young Australians trying to start careers or families. The new law is see...