Australia Increases Savings Requirement for Student Visas

The Australian government announced on August 26, 2023 that it will increase the amount of savings international students need to show in order to get a student visa. From October 1, 2023, students will need to have A$24,505 (US$15,693) in savings, up 17% from the current requirement of A$21,041. Source

The government said the increase is necessary to reflect the rising cost of living in Australia. The cost of food, accommodation, and transportation have all increased in recent years, and the government wants to ensure that international students have enough money to support themselves while they are studying.

The increase in savings requirement is also part of a broader effort by the government to crack down on abuse of the student visa system. In recent years, there have been reports of international students working illegally in Australia, and the government wants to make sure that students are only coming to Australia to study.

The increase in savings requirement will affect all international students applying for a student visa, regardless of their nationality or the course they are studying. Students who do not have the required amount of savings will not be eligible for a visa.

The government has said that it will provide financial assistance to some students who are unable to meet the savings requirement. However, the details of this assistance have not yet been announced.

The increase in savings requirement is likely to be welcomed by some stakeholders, such as education providers and employers. However, it is likely to be met with concerns from other stakeholders, such as student organizations and migration agents.

Only time will tell how the increase in savings requirement will affect the number of international students coming to Australia to study. However, it is clear that the government is taking steps to ensure that the student visa system is being used for its intended purpose.

Here are some additional things to keep in mind:

• The savings requirement must be in the student’s own name, or in the name of a parent or guardian.
• The savings must be held in a bank account or other financial institution.
• The savings must be accessible to the student for at least 12 months before the visa application is submitted.
• The savings can be used to cover the cost of tuition fees, living expenses, and travel.

If you are an international student who is planning to study in Australia, it is important to start saving money now. You can also contact a migration agent for more information about the savings requirement and other visa requirements

Disclaimer:

The information contained on this blog post is for informational purposes only and is not intended to be a substitute for professional advice. And the information provided on this blog should not be construed as professional advice.

While I strive to provide accurate and up-to-date information, I cannot guarantee that all information is complete or error-free. You should always consult with a qualified professional before making any decisions based on the information contained on this blog post.