Changes to student visa financial capacity requirement.

The Australian Government has announced that from 1 October 2023, the amount of funds student visa applicants will need to meet the financial capacity requirement will increase.

In a significant move to uphold the integrity of Australia’s international education system and safeguard genuine international students, the Albanese Government, in collaboration with the Hon Jason Clare MP and the Hon Brendan O'Connor MP, is introducing a comprehensive package of measures.

Effective from 1 October 2023, the government will revise the financial requirements for obtaining a student visa. This requirement had remained unchanged since 2019, leading to an insufficient reflection of rising living expenses. As a result, international students will need to demonstrate evidence of having $24,505 in savings, marking a 17% increase compared to the existing levels. This adjustment ensures that students arriving in Australia for studies can afford to sustain themselves and are not pushed into employment prematurely, reducing their vulnerability to exploitation.

As part of the upcoming Migration Strategy, set for release later in the year, the government is actively considering further measures to fortify the integrity of the international education system. Minister for Education Jason Clare emphasized the importance of international education, acknowledging its resurgence post-pandemic. He noted, however, the reemergence of unethical operators exploiting students. These measures will curb such predatory practices and ensure the industry's integrity remains intact.

If you need assistance with your student visa, feel free to reach out to our team of immigration lawyers at hi@zestlegal.com.au