The Australian government is set to increase the financial capacity requirement for international students applying for student visas. The new rule, effective from May 10, will require international students to demonstrate proof of savings of at least AUD$29,710, up from AUD$24,505 set in October 2023.
Increased Financial Requirement
International students are now required to show proof of savings of at least AUD$29,710 to obtain a student visa. The amount has been increased to align with 75% of the national minimum wage, as per the Department of Home Affairs.
Implications of the Increase
The change aims to provide a minimum standard of living for international students studying in Australia. Students are less likely to experience financial distress, breach visa conditions, or be vulnerable to worker exploitation.
Impact on Spouse or De Facto Partners
The minimum required fund for spouse or de facto partners of student applicants will also increase to AUD$10,394.
Reactions from Stakeholders
Bobby Abraham from Independent Higher Education Australia questions the fairness of the decision and its impact on international student numbers. Edward Slade, Manager Director at Schoolhouse Solutions, sees the increase as an attempt to make studying in Australia less attractive.
What if you Lodged Applications Before May 10?
Applications submitted before May 10 will be assessed based on the financial capacity requirements in effect at the time of application.
Positive News for Australia’s Education Sector
Student Debt Reduction: The Albanese government plans to cut student debt for more than three million Australians, aiming to ease pressure on workers and students across the country.
The increase in financial requirements for international students is a significant change, reflecting the Australian government’s efforts to regulate international student numbers and improve the quality of education and student experience in the country.
