If you are a student planning to migrate to Australia to explore better educational facilities. In that case, you will likely face some financial hurdles because the Home Affairs Department of Australia has increased the requirement for proof of funds for Australia's student visa program. The increase in the proof of funds requirement in Australia is the second increment in the last seven months.
This article details the increase in the requirement for proof of funds for the student visa program. But before moving ahead, let us provide the aim behind the change and insight into the latest change in the financial requirement.
Main Aim behind This Change
International students are considered one of the main elements in the Australian economy. In 2022-23, international students have contributed almost $24 Billion to the Australian economy. However, a significant increase in the migration of international students to Australia has simultaneously increased the rent cost across Australia.
Therefore, to reduce the level of immigration in the country, the Government of Australia has taken these measures. These changes aim to manage migration in Australia and the rental market and to build integrity among international students.
Change In The Proof Of Funds
The change will be effective from May 10, 2024. Through this change, the candidate must provide more proof of funds to the immigration authorities to be eligible for the Student visa program. The proof of funds requirement has been adjusted to match 75% of the national minimum wage.
The main aim behind this change is to facilitate the standard of living of students planning to study in Australia.
New Proof Of Funds Requirement
The following tabular information explains the new proof of funds requirement for the Australia Student Visa program.
Criteria | Previous Proof of funds requirement(Before May 10) | New Proof of funds requirement(After May 10) |
Main Applicant | AUD 24,505 | AUD 29,710 |
Primary student applicant's spouse or de facto partner (except Student Guardian applicant) | AUD 8,574 | AUD 10,394 |
Dependent Child | AUD 3,670 | AUD 4,449 |
Yearly School Cost | AUD 9,661 | AUD 13,502 |
Personal annual Income (in case of no family member) | AUD 72,465 | AUD 87,856 |
Annual personal income (in cases where a family member is present) | AUD 84,543 | AUD 102,500 |
Key Takeaways Of New Funds Requirements
The following information explains the key takeaways of new funds requirements.
- The main aim behind the update in the fund's requirements is the Australian government wants to help students through this change. With this change, the students will avoid financial problems during their studies in the country.
- The Australian Government also wants to refrain from breaching visa conditions due to overworking.
- It is reducing worker exploitation.
Australia's Home Affairs Department has increased the proof of funds requirement for its student visa program, effective May 10, 2024, to improve living standards for international students. The changes aim to manage migration rental markets and reduce worker exploitation, ensuring students' financial stability during their studies.
For more information about Australian Immigration, contact Province Immigration via info@provinceimmigration.com or +91 98961 96762
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