Australia’s Financial capacity for international students increases again in less than 2 years, as Australia tightens requirements on Subclass 500 visas.
Since May 10th of 2024, a new rule was enforced, requiring international students to demonstrate savings of at least AUD$29,710 to be eligible for a Student Visa in Australia. This amount was recently raised from AUD$24,505, which was set in October 2023. The Department of Home Affairs stated that this update aligns with 75% of the national minimum wage, aiming to reflect a reasonable amount to sustain a minimum standard of living while studying in Australia.
According to authorities, this change is intended to reduce the likelihood of financial difficulties for students in Australia, decrease the chances of breaching visa conditions such as working hours, and make them less vulnerable to worker exploitation.
The Department of Home Affairs has confirmed that applications submitted before May 10 will be evaluated based on the financial capacity requirements applicable at the time of application. These updated requirements are part of a series of changes to Australia’s international education sector.
Below is a chart which summarises the new financial capacity for different applicants:
