Starting May 10, 2024, Australia is increasing the financial capacity requirements for its Student and Student Guardian visa programs.
This update aligns the required financial proof with 75% of the national minimum wage, reflecting a more accurate cost of living for students during their stay in Australia.
The adjustment aims to ensure that students can maintain a minimum standard of living without breaching visa conditions through excessive work, thus reducing financial distress and vulnerability to exploitation.
Students are less likely to:
- be in financial distress once in Australia
- breach their visa conditions by working more hours than their visa conditions allow
- be vulnerable to worker exploitation.
The new standards raise the necessary proof of funds significantly across all categories: from primary applicants and their spouses to dependent children and school costs.
For instance, primary applicants will now need to show AUD 29,710, up from AUD 24,505. This change will apply to all applications lodged after May 9, 2024, while earlier applications will adhere to the previous requirements.
The table below details the financial amounts required to meet the minimum financial capacity for visa applications, which will be updated effective 10 May 2024.
The move is expected to help students make better-informed decisions about their educational investments in Australia, safeguarding their experience and contributing to a more stable and compliant international student community.
Applicants are advised to refer to the official Subclass 500 Student visa and Subclass 590 Student Guardian visa guidelines for detailed visa requirements.
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