Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Amendment (LIN 23/070) Specification 2023 dated 29 September 2023 amends Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Instrument 2019 to increase the amount of savings international students will need in order to get a student visa from 1st October 2023.
For an applicant seeking to satisfy the primary criteria for a student visa, the Minister may require the applicant to give to the Minister evidence of financial capacity that satisfies specified requirements to demonstrate that the applicant will have access to the funds while they are in Australia to support themselves throughout their studies. The evidence of financial capacity may include evidence of sufficient funds to cover travel costs, the living costs, and the course fees.
These financial requirements for a student visa (subclass 500) and student guardian visa (subclass590) are updated from 1st October 2023 to ensure students coming to Australia to study can afford to support themselves and will not face increased risk of exploitation due to an urgent need for employment. The Australian Government has increased the amount of savings international students will need in order to get a student visa. This requirement was last indexed in 2019 (an increase from AUD20,290 to AUD21,041) and now again government considered it important to increase it to reflect higher living expenses in Australia.
From 1st October 2023, the amount of savings international students will need in order to get a student visa has increased from AUD21,041 to AUD24,505. This means that the 12 month living costs for international students from 1st October 2023 will be $24,505 in savings, which is a 17% increase on current levels.
The instrument also increases the level of amount of savings required to demonstrate the financial capacity of primary applicant for each secondary applicant making a combined application with the primary applicant:
- For spouse or de facto partner, it has increased from AUD7,372 to AUD 8,574
- For a dependent child, it has increased from AUD 3,152 to AUD 3,670
- Annual school costs for each school-aged dependent child, has increased from AUD8,296 to AUD 9,661
- Personal annual income for the primary applicant, where there is no secondary applicant, has increased from AUD62,222 to AUD72,465
- Personal annual income for a primary applicant where there is a secondary applicant, has increased from AUD72,592 to AUD 84,543
The instrument is registered on the Federal Register of Legislation on 9 September 2023. To access the instrument, click here.