On 26 August 2023, the Australian Government announced that the amount of savings international students will need in order to get a student visa has increased.
Announced amongst a range of other measures to support genuine international students and overall integrity in the international education system – such as the end of concurrent enrolment – the change will ensure that students coming to Australia can afford to support themselves. The government also states that this will ensure students will not face an increased risk of exploitation due to an urgent need for employment.
The financial requirements for a Student visa (subclass 500) – meaning the amount of savings students need to prove they have access to – were previously set as A$21,041. This requirement has not been indexed since 2019, and the government identified a necessary increase to reflect higher living expenses.
From 1 October 2023, international students will need to show evidence of A$24,505 in savings, which is a 17 per cent increase on current levels.
@insiderguides Breaking news for international students: the amount of sufficient funds for student visa applications is increasing and concurrent enrolments are no longer allowed. Here’s what you need to know 📣 #internationalstudents #insiderguides #breakingnews #internationaleducation #concurrenteducation #concurrentstudy #studentvisaaustralia #500visa ♬ Life – Ben Lam
