Yahoo Finance Cheeky $74 billion HECS plea to Aussie billionaire Gina Rinehart after fresh $1200 blow
With HECS set to be indexed nearly 5 per cent in June, many are hoping for the mining magnate to help them out.
Aussies with HECS debt will have on average more than $1,200 slapped on top of their loan after the 2024 indexation rate was announced. And some are calling on Australia's richest person to step in and help them out.
Gina Rinehart is reported to have a net worth of almost $46 billion. Not only does that make the mining magnate the wealthiest person in Australia, she's the 55th richest person in the world.
Lulu Ghattas from job seeking website Youth Force said it would be amazing if Rinehart could do Aussies a solid favour and dip into her wallet to help alleviate the crippling debt making some reconsider having children, question their career choices and reduce their chances of getting a home loan.
"If you, like, wanted to pay it off...like, I know it's not your responsibility," Ghattas said. "Like no pressure. But think of it as like an early Christmas present to us."
Do you have a nightmare story about your HECS debt? Email stew.perrie@yahooinc.com
Consumer price index figures released Wednesday reveal a 4.8 per cent indexation rate will be applied to student loan debt on June 1.
This will see the average HECS debt, which is $26,494 according to Parliamentary Library figures, increase by $1,272.
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Ghattas's plea was met with plenty of support, with loads of people calling for Rinehart help out struggling Aussies.
"What an awesome gift to Australia that would be!!!" said one Aussie.
"Yay, Gina! What a legacy if you were to do this!" wrote another.
A third added: "Maybe we can set up a charity and she can use it as a tax write-off?"
About three million Australians are burdened with HECS debt, according to the latest figures from the Australian Taxation Office (ATO). They have collectively racked up an eye-watering $74 billion in student loan debt.
So even with Rinehart's exorbitant wealth, not even she could give everyone that early Christmas present.
She'd only be able to clear close to 60 per cent before going broke herself.
And that's only if she was able to turn her incredible net worth into liquid cash, which would be tough to do.
She's no stranger to generosity and has given away several tax-free $100,000 prizes to staff from the mining, energy and agricultural sectors of her business. But wiping tens of billions of dollars of debt might be a harder sell.
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