Australian businessman Mark Bouris has launched a fierce attack on the country’s university system, describing its student loan scheme as “the greatest con job in the world” and arguing that many degrees offer poor value for the debt graduates accumulate.
Bouris, who built his fortune through home loans and is estimated to be worth more than $200 million, said the system had changed dramatically since he completed a Bachelor of Commerce and Master of Commerce in 1979.
“When I went to university, it was free. Now, my sons went to university, and they all come out of debt,” he said on his Straight Talk podcast.
He argued that graduates could feel trapped by their repayments, particularly once they began earning enough to trigger deductions from their wages.
“When they start to get a good job, they’ve got to start paying it back really fast, so that actually rate of tax goes up effectively because you’re paying off your extra debt,” Bouris said.
The businessman also questioned whether universities were offering courses that prepared students for employment, saying some people spent years studying subjects unrelated to their intended careers.
“If you want to be a scientist, for argument’s sake, you don’t need to learn humanities,” he said. “You should be able to just jam it all into a 12-month period without all the holidays.”
Mark Bouris calls for free university places in key professions
Bouris said students were being asked to take on the financial risk of higher education without any guarantee that their qualification would lead to a job.
“If you’re going to lend me the money and you want me to pay it and you want me to pay you back, then you’ve got to guarantee me a job,” he said.
“You don’t get a job, but you still owe the money. The moment you get a job, you start paying it back – so it’s a two-edged sword. To me it’s a con.”
He stopped short of calling for all university courses to be publicly funded, saying free places should instead be focused on professions considered vital to the country’s future.
“If you want to be a doctor, maybe, or a lawyer, perhaps some of those things, or perhaps a scientist,” he said. “A lot of the courses are a bit of a waste of time.”
“We should be encouraging young people to go to university. This is how you build nations. This is nation building.”
His comments come as Australia’s higher education debt continues to attract political and public scrutiny. KPMG analysis of Australian Taxation Office data found that almost 2.4 million taxpayers held HECS debt totalling $67.6 billion, with an average balance of $28,500.
Around half of the debt was held by Australians under 30. Melbourne accounted for the largest total, at $16.4 billion, followed by Sydney with $15.2 billion.
However, KPMG urban economist Terry Rawnsley said the figures did not necessarily point to financial distress. He said higher balances were often concentrated in areas with access to well-paid jobs and could reflect qualifications in fields such as law, medicine and technology.
The number of Australians with HECS debt has fallen by 3.5 per cent since 2021-22, as more people consider alternatives including fee-free TAFE courses.
The federal government has also changed the repayment system. From the 2025-26 financial year, repayments begin once earnings exceed $67,000 and are calculated only on income above that threshold. The government has additionally legislated a 20 per cent reduction in student loan balances.
Bouris nevertheless maintained that the structure left too many young Australians paying for degrees without certainty about the employment opportunities that would follow.
