[Published
09 May, 2024 | 04:18 AM]
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The Department of Home Affairs of the Australian Government announced a significant increase in the financial requirement for Australia study visa. This is the second increase in about seven months.
Effective May 10, 2024, international students are required to show more proof of savings to be eligible for Student and Student Guardian visa in Australia. The financial capacity requirement has been updated to align with 75 per cent of the national minimum wage.
This measure has been taken to support a minimum standard of living for international students in Australia during their studies.
| Funds required before May 10, 2024 | Updated Funds required after May 10, 2024 | |
| Primary Applicant | AUD24,505 | AUD29,710 |
| Spouse or de facto partner of the student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
| Dependent child | AUD3,670 | AUD4,449 |
| Annual school costs | AUD9,661 | AUD13,502 |
| Personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
| Personal annual income where there is a member of the family unit | AUD84,543 | AUD102,500 |
International students who demonstrate the new financial requirements are more likely to avoid financial problems during their studies and make informed decisions about their future.
By updating the minimum funds requirement, the Australian government plans to:
Applications submitted before May 10, 2024, will be 4 based on the financial capacity requirements in place at the time of submission.
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International students majorly contribute to Australia’s economy and are valued at A$36.4 billion ($24 billion) in 2022-2023. But with the rapid rise in migration, especially by international students, has resulted in increased rental costs across Australia.
As per the government reports, net Australia immigration rose by 60 per cent to a record 548,800 in the year ending September 30, 2023. Now, the Australian government is looking to reduce the current intake by half over the period of the next two years.
These changes reflect the government's strategy to manage migration, maintain a sustainable rental market, and ensure integrity in the international education sector.
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