Albanese Pledges Student Debt Relief as First Act After Labor's Historic Election Victory

Prime Minister Anthony Albanese announced Tuesday that cutting student debt by 20% will be the first piece of legislation introduced when Parliament reconvenes next month, following Labor's commanding election victory that delivered the party 94 seats and a clear mandate for sweeping reforms.

The debt relief plan will save approximately 3 million Australians an average of $5,500 each and will be backdated to June 1 before indexation, Albanese told the National Press Club in his first major address since Labor's May 3 election triumph.

"When the new Parliament sits next month, the first piece of legislation we will introduce will cut student debt by 20%," Albanese said. "As promised, it will be backdated so that it applies from the 1st of June this year before indexation."

The announcement underscores Labor's aggressive agenda following what Albanese described as voters choosing to "make that change last" after first electing his government in 2022. The expanded majority gives Labor significantly more legislative power than the wafer-thin margin it held during its first term.

Major Leadership Changes Announced

In a significant reshuffling of the senior public service, Albanese confirmed the appointment of Dr. Stephen Kennedy as Secretary of the Department of Prime Minister and Cabinet and Jenny Wilkinson as Treasury Secretary, making her the first woman to hold that crucial economic position.

"These outstanding public servants will continue to excel in their service to our nation," Albanese said, while thanking outgoing secretary Glyn Davis for his "extraordinary contribution to our great nation."

The appointments signal Labor's intention to implement major economic reforms, with Albanese announcing plans for a productivity roundtable in August that will bring together business leaders, union representatives and civil society groups.

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