Australia Raises Savings Requirement for Study Visa

International students looking to study overseas in Australia will now need to show more savings for a visa grant.

The Australian Government has raised the savings requirements for student visas. The updated funds requirement will be effective May 10, 2024. International students must now provide proof of AUD 29,710 in their bank account. It is the second increase within seven months. In October, the Government raised the amount from AUD 21,041 to AUD 24,505. This decision will affect many international students.

The Australian Government clarified its move and introduced changes in Australia study visa policies. The Government realized the student visa rules might be updated, especially after the COVID-19 situation changed completely. After repealing restrictions on foreign entries, a sudden surge was noticed.

Australian Home Affairs Minister Clare O’Neil emphasized this matter. She said that unreliable providers have no place in the education industry. The Government believes the decision to increase student savings will filter the educational system. Updating the funds requirement is being seen as one of the ways of maintaining a good reputation in the Australian education system.

Government officials consider the education industry to be the most significant economic pillar. It was worth AUD 36.4 billion in 2022-2023. Most of the revenue has been collected from international students. The sudden inrush in student entry to Australia has risen by 60%. It broke all previous records. In September 2023, there were an estimated 5,48,800 international students in Australia.

The Government assumes that soliciting new policies will reduce migration. Australia faces a more significant challenge right after the COVID-19 pandemic. The Government expects it to reflect a broader strategy to manage migration. It helps maintain a sustainable rental market. The Australian Government ensures that the international education sector conserves integrity.

This decision would affect Indian students who aspire to study in Australia. Students who are currently studying in Australia must show savings of AUD 29,710 which is almost equal to 75% of the national lowest wage. The Government assured that they will assess applications lodged before May 10, 2024.

The minimum required funds for Australia study visa grants have been announced.

India is Australia’s second-largest country for international enrollment. The right planning is important to find out the best study program for you. Some programs have a higher chance of getting you Australia PR.

For complete details, visit the Kansas Overseas office near you.