Starting from October 1, 2023, international students applying for an Australian student visa will need to show evidence of at least $24,505 in savings. This is a 17% increase on the previous amount of $21,041, which was set in 2019 and has not been indexed since then. The increase is due to higher living expenses and is aimed at ensuring that students arriving in Australia have enough funds to support themselves and do not face an increased risk of exploitation due to an urgent need for employment. The new financial capacity requirement will apply to those who lodge a new application on or after October 1, 2023, while those who apply before that date will not be affected by the new requirement.
Starting from October 1, 2023, international students seeking to study in Australia will have to dig a little deeper into their pockets. The Australian government announced that those applying for a student visa will now need to show evidence of at least $24,505 in savings, marking a 17% increase from the previous requirement.
The past financial benchmark was set at $21,041 in 2019 and remained unchanged for the subsequent years. This recent amendment in the financial capacity requirement is an attempt by the government to align the visa prerequisites with the rising living expenses in the country. By ensuring that incoming international students possess adequate funds, the government aims to protect these students from potential exploitation. Students facing immediate financial constraints often fall into employment vulnerabilities, which the new directive hopes to mitigate.
It’s essential for potential applicants to note that the updated financial requirement will only affect those lodging their applications on or after October 1, 2023. This means that any student submitting their visa application before this date will be assessed based on the earlier threshold of $21,041.
The move comes as Australia continues to attract a growing number of international students, drawn to its world-class educational institutions and quality of life. However, with this change, prospective students must be more financially prepared to ensure a seamless and safe study experience Down Under.
The Australian government reiterated its commitment to offering a safe and conducive environment for international students and believes that this step is in line with that vision.
Prospective students are advised to be aware of this change and plan their finances accordingly to ensure a smooth visa application process.
If you’re planning for studying in Australia and need assistance with the student visa process, consider reaching out to Study Unifees. We specialize in guiding students through the visa application process, ensuring a smooth transition to your Australian educational journey. With our expertise, you can navigate the complexities with ease and focus on preparing for your studies.