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As announced by the Department of Home Affairs of the Australian Government, starting from 10 May 2024, there will be an increase in the amount of money required for Student and Student Guardian visa applicants to be eligible for visas in Australia, Wego reports.
The financial capacity requirement will now be aligned with 75 percent of the national minimum wage, reflecting a more realistic amount needed to sustain a minimum standard of living during studies in Australia. This adjustment aims to reduce financial distress among international students, prevent visa condition breaches related to overworking, and mitigate the risk of worker exploitation.
The Australian government is raising the money needed for student visas to help students make better choices and avoid financial problems while studying in Australia. This change also aims to prevent students from working too much and protects them from being exploited at work.
By setting the visa requirement based on a portion of the national minimum wage, Australia shows its commitment to supporting international students and ensuring they have what they need to succeed.
As per the Department of Home Affairs of the Australian Government, the minimum required funds to meet financial capacity requirements starting 10 May 2024 will be as follows:
- primary applicant: AUD 29,710
- spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant): AUD 10,394
- dependent child: AUD 4,449
- annual school costs: AUD 13,502
- personal annual income if there is no member of the family: AUD 87,856
- personal annual income where there is a member of the family unit: AUD 102,500
