As of May 10, 2024, there will be an increase in the monetary threshold for applicants of Student and Student Guardian visas to meet as a mandatory requirement to qualify for the visa.
In order to establish a minimum standard of living for students studying in Australia, the financial capacity requirement has been revised to align with 75 percent of the national minimum wage. This adjustment aims to accurately reflect the amount of money necessary to sustain oneself while studying, taking into consideration that students are typically out of course session for approximately 25 percent of the year. During this study break, students may choose to return to their home country or have the opportunity to engage in unrestricted working hours.
By adhering to this new financial capacity requirement, international students in Australia will be more prepared and better informed about the cost of living and total expenses while studying in Australia.
Meeting the revised financial threshold means students are less likely to encounter financial difficulties once they arrive in Australia, violate their visa conditions by exceeding the permitted number of work hours, or fall prey to exploitative working conditions.
Outlined in the table (pic 2) are the funds necessary to demonstrate compliance with the updated minimum financial capacity requirement, which will take effect on May 10, 2024.