Wowzers. As an Engineering student, that would be over a 200% increase (3x) in the total cost of education fees for HECS-eligible University students, going from around $37,000 for an today's Engineering degrees to over $113,000. The most scary and insidious part is the effect of a 4% compounding interest - about 45% ($52,000) of your education cost would now be in interest (assuming that it would now take 25 years to pay this all off).