In the 2024-25 MYEFO, the Government is delivering on the next steps in tertiary education reform.
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The 2024-25 MYEFO delivers the next steps in the Government’s reforms of the tertiary education system, including further cost of living relief and structural reform which aims to deliver the large, skilled and productive workforce the economy requires.
Advice from the Accord Implementation Advisory Committee (IAC) and feedback from public consultation papers have informed the measures announced in the 2024-25 MYEFO.
Establishing new governance for the Australian higher education system through the Australian Tertiary Education Commission (ATEC)
The ATEC will be an independent steward for the higher education system tasked with creating a better and fairer tertiary education system that delivers for students and on national economic and social objectives.
More about ATECManaged growth funding for universities
The new funding system will increase opportunity for students from underrepresented backgrounds and create a more diverse and flexible system of higher education. The new system will deliver this growth in a managed way that reflects national needs, the interests of students, and institutional and local circumstances.
More about the new funding systemMore funding for academic and student supports to help students succeed
Demand-driven Needs-based Funding will give more funding to publicly-funded higher education providers to help students from low SES backgrounds, First Nations students, and students studying at regional campuses to successfully complete their degrees.
More about funding support20 per cent reduction in student loan debt
The Government will apply a one-off 20 per cent reduction on all student loan debts to take pressure off more than 3 million Australians. An individual with the average HELP balance of $27,600 will see $5,520 removed from their outstanding HELP loan. Subject to legislation, this will apply to outstanding loan amounts as at 1 June 2025, before indexation is applied.
More about debt reductionExpanding eligibility for the Tertiary Access Payment
To enable more students to access the Tertiary Access Payment (TAP), the Government is removing the TAP eligibility requirement to commence tertiary studies within 12 months of completing Year 12. All other criteria remain in place, including the student being up to 22 years of age at the time of commencement of the course.
More about the Tertiary Access Payment