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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsA university degree can still deliver a financial return for many Australians, but it does not guarantee a well-paid job or a home. The payoff depends on the course, whether a student completes it, the work they find and the costs they take on. Larissa Kay’s frustration is a useful prompt to examine those trade-offs—not proof that university has stopped paying off.
Why Larissa Kay is asking “what’s the point?”
PerthNow reported on June 9, 2025, that Kay, then 28, posted videos describing her disappointment with the economic milestones she had expected after studying and working. The outlet said her first video had received 880,000 views; that is PerthNow’s reported figure, not an independently audited platform count. Kay described moving regionally to save money, struggling to find local work and living in a studio. Those are her circumstances, not evidence that every Australian graduate faces the same outcome. PerthNow’s report captures the question behind the debate: does the cost and effort of a degree still lead to the security people expect?
Do Australian degrees pay off financially?
For the median graduate in a 2020 Australian study, the estimated monetary incentive to complete a bachelor’s degree was positive. The researchers also found that returns mostly declined between their 2006 and 2016 comparisons, varied considerably by discipline and could be non-positive for some degrees. Graduates in full-time employment in most disciplines avoided low or negative returns, while the lowest-paid graduates showed some evidence of skills mismatch or over-skilling. The peer-reviewed study by Michael Craig Corliss, Anne Daly and Phil Lewis therefore supports a conditional answer: a degree may pay off, but the result depends on the qualification and what happens in the labour market afterwards.
These are estimates based on labour-market data from 2006 and 2016. They are not a forecast for every student, a calculation of 2026 housing affordability or proof that a particular course will produce a positive return. A median result can be positive while some graduates still earn too little to recover their costs or achieve the lifestyle they expected.
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What recent graduate employment data does—and doesn’t—show
The Australian Government’s June 26, 2026 release of the 2025 Graduate Outcomes Survey reported that 75.4 per cent of undergraduates were employed full-time four to six months after finishing, compared with 74 per cent in the 2024 survey. The reported undergraduate labour-force participation rate was 88 per cent. The 2025 survey results suggest many graduates move quickly into work, but they do not establish lifetime earnings, the return from a specific degree or whether graduates can buy a home.
The Department of Education says the Graduate Outcomes Survey measures outcomes around four months after completion, while its longitudinal survey follows graduates at around three years. The survey description helps explain why an early employment figure is only one part of the decision: it is a short-term snapshot, not a complete measure of a degree’s value over a working life.
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How course costs and HELP debt affect the calculation
Course prices are not the same across fields
The 2021 Job-ready Graduates policy changed Commonwealth-supported student contribution amounts by field. ABC reported in July 2026 that nursing, computing, teaching and engineering were among the areas made cheaper, while arts, humanities and law became more expensive. The price of a course is therefore an important part of comparing degrees, especially when two fields have different employment prospects or expected earnings.
ABC also reported estimates from Innovative Research Universities that domestic students starting bachelor’s degrees fell 3.5 per cent between 2020 and 2024, and enrolments by low-socioeconomic-status students in the highest-charging courses fell nearly 20 per cent. These are figures attributed to Innovative Research Universities in ABC’s report; they do not, by themselves, establish that the policy caused every change. ABC said the government had accepted the scheme had failed but was awaiting broader Australian Tertiary Education Commission advice, expected in the second half of 2027. That was the reported status in July 2026, not a guarantee of what happens next. ABC’s report on the policy gives the context for the fee changes and reform outlook.
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Current HELP settings can ease debt without making study free
The Department of Education says a one-off 20 per cent reduction has been applied to eligible student-loan balances. For the 2025–26 income year, the minimum compulsory repayment threshold is $67,000, and the marginal repayment model calculates repayments on income above that threshold. The individual effect depends on income and debt; neither the reduction nor the threshold means study has no cost. Check the Department’s current guidance for the applicable rules and eligibility details: HELP debt and repayment information.
Can student debt make it harder to buy a home?
Yes, it can affect how much a person may be able to borrow. The Australian Universities Accord final report says HELP repayments reduce the income available to service a mortgage and are considered when lenders assess borrowing capacity. The Accord report establishes a connection between repayments and mortgage serviceability, but it does not show that HELP debt is the main cause of delayed home ownership.
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ABC also quoted AMP chief economist Shane Oliver saying, “There’s no doubt that having a high level of student debt is a constraint on being able to get into the property market.” That is Oliver’s expert view, reported by ABC. The broader affordability picture also involves wages, house prices, job availability and location. Kay’s account, as reported by PerthNow, illustrates how a graduate may find that local work and affordable housing do not line up; it does not isolate the effect of her education debt.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare a degree with another path
Rather than asking whether university pays off in general, compare the likely costs and outcomes of the options available to you. A practical assessment should include:
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- Total cost and debt: compare student contributions, course length and the HELP repayment rules that would apply to you.
- Completion prospects: consider whether you are likely to finish the course; the return estimates concern completing a degree, not simply enrolling.
- Work prospects in the field: look for outcomes relevant to the specific course and occupation. National early-employment figures are not a substitute for course-level results.
- Likely earnings and job conditions: the Australian returns study found that discipline and full-time employment status mattered.
- Where you expect to work and live: local job options, housing costs and the effect of loan repayments on borrowing capacity can change the practical payoff.
- Alternative routes: compare vocational education and training, including TAFE, and whether you can move between vocational and university study.
Western Sydney University Vice-Chancellor George Williams has argued that TAFE is the right answer for many students and that people should be able to move between vocational and university study. His position is a reminder that a degree is one route to a career, not the only route. ABC’s coverage includes Williams’s comments on course costs and pathways.
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