The Job-ready Graduates scheme, introduced by the Australian government in 2021, has been widely criticized for its failure to incentivize students to study in fields deemed a priority by the government. The scheme, which aimed to make nursing, computing, teaching, and engineering degrees cheaper, has instead led to a dramatic increase in the cost of humanities, arts, and law degrees. This has had a detrimental effect on young Australians' ability to buy a home, as the high cost of degrees has resulted in significant student debt, making it difficult for them to secure home loans. The debt will also reduce the amount banks are willing to lend, further exacerbating the housing affordability crisis. The scheme's failure is evident in the fact that 300,000 domestic students are estimated to be enrolled in the most expensive degrees next year, with maximum yearly contributions of $18,025. This has led to a 3.5% decrease in the number of domestic students starting a bachelor's degree between 2020 and 2024, and a nearly 20% decrease in enrollments by students from a low socio-economic background in the highest-charging courses. The Vice-Chancellor of Western Sydney University, Professor George Williams, believes that the scheme has not been fixed due to its high cost and that the government will fail to reach its target of 80% tertiary attainment by 2050. The scheme's failure has also led to students being hesitant to try new courses for fear of debt, with some taking gap years to avoid financial burden. The Education Minister, Jason Clare, has agreed that the scheme has failed and is 'unfinished business', but has yet to outline a plan to reform it, as he awaits independent advice. The major Universities Accord report recommended fixing the scheme 'urgently' over two years ago, but the government has yet to act on this recommendation. The Shadow Education Minister, Julian Leeser, warns that reversing the scheme could lead to students paying more than they currently do, while the former Labor minister turned vice-chancellor of the University of Canberra, Bill Shorten, expresses concern about the overall cost of going to university. The high cost of degrees and the resulting student debt are significant issues that need to be addressed to ensure that young Australians have a fair chance at home ownership and a successful future.
