Australian Student Visa Financial Requirements Increased for Int’nl Students

Key Points

1. Starting May 10, 2024, international students applying for an Australian student visa must show proof of savings of at least AU $29,710, a 21% increase from the previous requirement.

2. Changes in Australian immigration laws, including increased financial requirements, are set to affect both current and prospective international students seeking study permits.

3. The Australian government introduced the Genuine Student (GS) rule and extended Post Study Work Rights (PSWR) to ensure students primarily come to study, not work, and have opportunities after graduation.

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The number of international students, as well as those looking to pursue an education in the country, will now face additional financial hurdles when applying for an Australian student visa 2024. The financial requirements needed before applying for a visa in the recent Australian student visa news have increased in 2024. The Australian study visa requirements saw a hike in financial requirements recently in October 2023.

Starting 10 May 2024, international students will need to show proof of savings of at least AU $29,710 ($19,576) to obtain a student visa. This is the second hike in almost seven months, a 21% increase from the previous minimum bank balance of AU $24,505.

Coming into 2024, the government has made a number of changes to the Australian study visa requirements as well as its immigration laws. These changes in the already established immigration laws are set to affect both international students in Australia as well as prospective students looking for study permits. The proof of savings is a means for the Australian government to ensure that when students come to the country to pursue their studies, they are financially secure and have enough money that they can utilise to land safely on their feet.

According to Australian student visa news, the total number of student visas granted hit an all-time high in July 2023, with about 654,780 student visas handed out, a 300,000 increase from 2022. Featuring nine of the top 100 institutions in the world as well as six of the top 50 student towns in the world, Australia is surely the place to be if you are looking to study abroad.

The Australian government introduced the Genuine Student (GS) rule, replacing the Genuine Temporary Entrant (GTE) requirement, further cracking down on international students coming to the country primarily to work instead of study.

The Australian government had extended the Post Study Work Rights (PSWR) for up to 2 years. This lets international students in Australia seek employment in the country in a good buffer time.

TL;DR

Student visa requirements in Australia have increased, with international students now needing to show proof of savings of at least AU $29,710. These changes aim to ensure students are financially secure and primarily come to study, not work, while also providing opportunities after graduation.

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