On 26 August 2023, the Australian Government announced that the amount of savings international students will need in order to get a student visa will increase from AUD21,041 to AUD24,505 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) will be 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 is increasing 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 consider 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 will be 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.
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