Australia's Changes to Student Visa Financial Requirements | Australia Study Visa News
From 10 May 2024, Australia is implementing changes to the financial capacity requirement for Student and Student Guardian visa applicants, aiming to ensure that international students can adequately support themselves during their studies.
The adjustment aligns the financial capacity requirement with 75 percent of the national minimum wage, reflecting the amount needed to maintain a basic standard of living while studying. This change acknowledges that students are typically out of course sessions for 25 percent of the year, during which they may return home or have access to unrestricted work.
By setting a more realistic financial benchmark, the Australian government aims to enable international students to make informed decisions about their education and living arrangements in Australia. This adjustment is crucial for reducing financial stress among students, preventing visa condition breaches due to excessive work, and safeguarding against worker exploitation.
Under the new requirements, the funds needed to meet the financial capacity requirement have been revised upward, ensuring that students have adequate resources to cover their expenses. Additionally, the changes address various financial aspects, including school costs, personal income, and support for dependents.
The table below illustrates the revised financial capacity requirements, effective from 10 May 2024:
Minimum required funds to meet financial capacity requirements:
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 |
|---|---|
| Primary applicant | AUD24,505 |
| Spouse or de facto partner of the primary applicant (not applicable to Student Guardian applicant) | AUD8,574 |
| Dependent child | AUD3,670 |
| Annual school costs | AUD9,661 |
| Personal annual income if there is no member of the family | AUD72,465 |
| Personal annual income where there is a member of the family unit | AUD84,543 |
Applications lodged before 10 May 2024 will continue to be assessed under the existing financial capacity requirements.
In addition to these changes, Australia is taking steps to ensure the integrity and quality of its international education sector. The government has issued warning letters to 34 education providers for non-genuine or exploitative recruitment practices, emphasizing the importance of maintaining high standards in the sector.
These actions demonstrate a commitment to protecting the rights and well-being of international students while upholding Australia's reputation as a top study destination.
Furthermore, ongoing efforts to strengthen regulatory measures and crackdown on non-compliant providers are underway. With increased investment in integrity in the vocational education and training (VET) sector, regulatory sanctions have risen significantly, aiming to weed out unscrupulous operators and maintain the sector's credibility.
Overall, these changes represent a holistic approach to ensuring the welfare of international students and maintaining the high standards of Australia's education system.
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