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The postcodes with the heftiest student debt balances revealed
Some of the country’s wealthiest suburbs are also home to the steepest student debts, with the average HECS balance surpassing $38,000 in parts of Sydney’s affluent east as well as in suburbs bordering major university campuses.
New analysis of 2023-24 tax return data by consultancy firm KPMG found almost half the nation’s HECS balance was concentrated in its two largest cities, and that the top 10 postcodes for highest average debt located near the heart of Sydney and Melbourne.
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The home of HECS: Search our database to see how much student debt is in your suburb
Sydney’s affluent inner-city suburbs are home to lovingly restored terrace housing, designer dogs and sought-after restaurants.
They also play host to the nation’s highest student debts.
Higher Education Contribution Scheme, or HECS, data analysis by KPMG obtained by this masthead shows 483,606 taxpayers in Sydney owe a combined $15.2 billion.
The Australian government provides a HECS loan to eligible university students who then repay their debt through the taxation system. HECS does not attract interest but is indexed every June to keep pace with inflation.
The number of Australians graduating with a debt of more than $50,000 had grown by 55 per cent in the past five years, the Herald reported in October, after Scott Morrison’s government introduced the controversial Job-ready Graduates Package that raised the cost of arts and business degrees to $50,000, with double degrees costing $90,000.
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