Why Some of Australia’s Highest-Earning Professionals CANCELLED Their College Debts – But There Are Some Conditions
- Doctors and nurses get rid of student debt under new labor legislation
- This policy would benefit high-paid medical professionals and low-paid nurses
- Australia has a serious shortage of medical professionals in many regional areas
Some of Australia’s highest paid professionals, who typically earn a six-figure salary, can get their student loans cleared under a Labor proposal.
Doctors and nurses living in remote areas will cut their loans to zero in an effort to address a serious shortage of medical professionals in rural Australia.
While most nurses earn below-average salaries, general practitioners typically earn more than $130,000 a year, while medical specialists get at least $200,000.
Health Minister Mark Butler has announced that Prime Minister Anthony’s Labor government will introduce Albanian legislation to eliminate or reduce Commonwealth student loan debt.
“We recognize the challenge of recruiting and retaining frontline health workers in rural and remote communities,” he said.
‘These measures will make national practice more attractive for doctors and nurses in the long term.’
Doctors and nurses living in remote areas will have their student loans waived in an effort to address a serious shortage of medical professionals in rural Australia (pictured are doctors outside Leeton District Hospital in southern New South Wales)
Who benefits from getting rid of student debt?
GPs: Average taxable income of $133,375
REGISTERED NURSE: Average taxable income of $67,703
Gynecologists: Average Taxable Income of $207,887
ANESTHETIS: Average taxable income of $247,409
Source: Australian tax office data for 2019-20
Under Labor policy, doctors and nurses would have canceled their entire student loan debt if they lived for a certain period of time in a remote or very remote city, or in a large, medium or small city.
Education Secretary Jason Clare argued that eliminating the debt of the Higher Education Contribution Scheme would help address skills shortages in regional areas.
“Rural and remote Australia faces skills shortages in many key professions,” he said.
“One is with doctors and nurse practitioners.
“Zero HECS debt is a great incentive for young graduates to live, work and build their careers in rural and remote communities.”
The plan to cancel student loans would benefit some of the highest-paid gynecologist medical professionals with a median taxable salary of $207,887 in 2019-20, compared to $247,409 for anesthesiologists and $258,641 for critical care specialists.
GPs earn a more modest salary of $133,375 by comparison, as more Australians with degrees in medicine go on to study to become specialists, leaving a severe shortage of doctors in the regional areas.
Under Labor policy, doctors and nurses would have canceled their entire student loan debt if they lived for a period of time in a remote or very remote city, or in a large, medium or small town (pictured is a doctor in regional New South Wales)
However, registered nurses only have an average taxable salary of $67,703, a level well below Australia’s average full-time salary of $92,030.
Most college students who are in college who can’t afford the advances will repay a student loan if they get a full-time job.
Bob Hawke’s Labor government introduced a higher education contribution scheme known as HECS in 1989, which replaced a system of free education introduced by Gough Whitlam’s Labor government in 1974.
As a Young Labor activist from the party’s left-wing faction, Mr. Albanese had opposed the introduction of HECS.
Nevertheless, he maintains the HECS Higher Education Loan Program of deferred payments for other degrees.
Health Minister Mark Butler (pictured) has announced that Prime Minister Anthony’s Labor government will introduce Albanian legislation to eliminate or reduce what is owed to Commonwealth student loans
The Australian proposal is aimed at the medical profession and is much less comprehensive than US President Joe Biden’s program to eliminate $10,000 ($A15,000) in student debt for low- to middle-income borrowers.
The coalition has more voters covering the most sparsely populated parts of Australia, but Labor owns the Northern Territory’s sprawling outback seat, Lingiari, along with Hunter in New South Wales, the regional Victorian seats of Bendigo and Ballarat and the voters who hold the provincial seats. regional cities cover Newcastle and Wollongong.