Australia has increased the amount of savings that international students are required to have for Student and Student Guardian visas. The rule has come into effect starting today, May 10, 2024. However, the applications submitted before the said date will be assessed under the financial capacity requirements in effect at the time of application.

As per the revised rule, the students must show savings of atleast AUD 29,710 to get their visa. This is second revision in seven months. Earlier, it was increased from AUD 21,041 to AUD 24,505, reports Indian Express.

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“The financial capacity requirement has been updated to align with a proportion (75 per cent) 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,” reads the notification.

Revised minimum Financial Capacity Requirements

Financial capacity requirement before 10 May 2024 Financial capacity requirement after 10​​ May 2024
primary applicant AUD 24,505 AUD 29,710
spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) AUD 8,574 AUD 10,394
dependent child AUD 3,670 AUD 4,449
annual school costs AUD 9,661 AUD 13,502
personal annual income if there is no member of the family AUD 72,465 AUD 87,856
personal annual income where there is a member of the family unit AUD 84,543 AUD 102,500

As per a report by ToI, Clare O’Neil, Minister of Home Affairs said that the warning letters had been sent to 34 education providers for “non-genuine or exploitative recruitment practices”. If found guilty, they might face imprisonment for a maximum of two years and be barred from recruiting students.