Australia to Increase the Minimum Funds Requirement for Student Visa

Manmeet Kaur
[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.

Updated Minimum Funds

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:

• facilitate financial distress among international students
• prevent visa condition breaches related to overworking
• lower the risk of worker exploitation

Applications submitted before May 10, 2024, will be 4 based on the financial capacity requirements in place at the time of submission.

Check Eligibility For Australia PR

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.