Australia’s total HECS debt has grown from $17 billion in 2005 to over $125 billion in 2025. With graduate salaries stagnating and full-time employment rates falling across almost every field of study, this raises a pressing question: is the debt still worth it?

Chart 1 — Total HECS debt over time

Chart 2 — Who carries the debt?

Chart 3 — Salary vs employment rate by field

Chart 4 — How long does it take to repay?

Chart 5 — Employment change by field

References

Australian Taxation Office. (2025). Study and training support loans statistics 2024–25 [Data set]. Australian Government. https://data.gov.au/data/dataset/higher-education-loan-program-help

Quality Indicators for Learning and Teaching. (2024). Graduate outcomes survey 2024: National report tables [Data set]. Social Research Centre. https://www.qilt.edu.au/surveys/graduate-outcomes-survey-(gos)