Australia has decided to tighten its rules for student visas for international students. As per the latest announcement, the Australian government has increased the financial requirement needed for students to become eligible for a visa.
As per the Australian government, this decision has been made not only in order to curb their record migration rate but to also reduce the risks of fraudulent recruitment and student exploitation.
As per an announcement by the Australian Home Affairs department the financial capacity has been updated to "align with a proportion 75 percent of the national minimum wage".
"This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 per cent of the year. During this time they may return home or have access to unrestricted work," states the official statement issued by the Home Affairs Department.
Why Has Australia Changed The Financial Requirement Again?
This is the second time Australia has changed the financial capacity that international students must show in order to get a visa. As per the Australian government, this change has been brought in to ensure that students can afford basic living expenses while studying in Australia and to help plan their future better.
"International students who can show they meet this new financial capacity requirement are better able to make informed decisions about their future," stated the Home Affairs department.
In July 2023, the number of temporary student visas granted in the country reached a record high of 6,54,870. Keeping this in mind, Australia is working towards reducing its migration rates.
Since COVID-19 restrictions were lifted in 2022, Australia has seen an influx of immigrants, which has caused various problems such as shortage of rental homes.
How Much Do You Need To Save To Get An Australia Student Visa?
As per the new requirement, which will come into effect on Friday May 10, students must proof of saving of at least 29,710 Australian dollars ($19,576). Earlier, the requirement was changed in October 2023 to 24,505 Australian dollars from 21,041.
For Indian students, this amount comes around to approximately Rs 16 lakhs. (16,31,741).
