In line with their party policy of cartoonish supervillainy, the Liberal government will consider selling your HECS debt to private sector investors.
The totally insane and egregiously offensive idea, uncovered by The West Australian, comes as part of the Government’s Commission of Audit. Treasurer Joe Hockey soothed Australia’s worries by telling The West that the Audit would be similar to the one conducted by the Howard government in ’96. Yay.
The ‘securitisation’ of Australia’s $22.6 billion AUD HECS debt would involve selling the responsibility for your HECS to the private sector, which would then be onsold to other investors. Whether or not this means that interest will be able to be applied to your debt is unknown. But wouldn’t it be genius for superannuation funds to invest in the burgeoning student misery market? It would be like the cherry on top of the irony cake, filled with a creamy center of becoming a politician because of a free university education then making the next generation pay for the same privilege. Delicious.
Mr. Bernard Livingston Smithe, Head of the Arts and Philosophy Megacorporation, ARTSCORP, told this reporter that the move would be good revenge for arts students across the country.
“After the great mining and engineering crash of last month and the meteoric rise in the profitability of arts degrees, we’ll finally get our own back against all those engineers,” Smithe said.
“They always joked about Arts students working at McDonalds, but now that a Philosophy degree has a 95% employment rate with a base wage of over $100,000 AUD we’ll see who gets the last laugh. If they didn’t want to be at risk of economic moves like the government is considering, they should have studied a sensible degree like Visual Art,” he concluded.
Oh, I almost forgot. They’re also considering selling Australia Post, because this type of shit worked out so well last time.