As per the updated regulations, the minimum threshold amount needed as savings to enter the country on a student visa has been increased substantially.
“The financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage," Australia's Department of Home Affairs and Immigration stated in a press release.
This means the international students are required to have 75 per cent of the national minimum wage as savings.
View Full Image The Australian government has raised the minimum savings amount required for entry into the country on a student visa.
Also read: UK visa review on May 14 to have a far reaching impact on international students from IndiaThe development came just days after the authorities tightened student visa rules to reduce the overall inflow of migrants.
The Australian government has recently tightened the norms for international students applying for a visa to enter the country, and the new rules will come into force from Friday, May 10. As per the updated regulations, the minimum threshold amount needed as savings to enter the country on a student visa has been increased substantially.
“The financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage," Australia's Department of Home Affairs and Immigration stated in a press release. This means the international students are required to have 75 per cent of the national minimum wage as savings. The government has imposed new guidelines to ensure a minimum standard of living for foreign students studying in Australia.
The government's statement further reads, “This proportion considers that students are out of course session for 25 per cent of the year. During this time, they may return home or have access to unrestricted work."
View Full Image The Australian government has raised the minimum savings amount required for entry into the country on a student visa. (Australia's Department of Home Affairs)
Indian students aspiring to study in Australia, as well as those who are already pursuing academic degrees in the island country, must show that they have at least A$29,710 ( ₹16,29,964) in savings, to be eligible for a student visa, which equals 75 per cent of the national minimum wage. “We will assess applications lodged before May 10, 2024, under the financial capacity requirements in effect at the time of application," the press release further noted.
Also read: UK visa review on May 14 to have a far reaching impact on international students from India
The development came just days after the authorities tightened student visa rules to reduce the overall inflow of migrants. The last hike pertaining to minimum saving adjustments was made seven months ago. Previously, an increase from A$21,041 ( ₹11,54,361) to A$24,505 ( ₹13,44,405) was imposed in October last year.
Australia's Home Affairs Minister Clare O’Neil said the nation is significantly reducing migration levels outside of war or pandemic. He noted that Australia is in the middle of the biggest drop in migration numbers in its history.
The recent modifications to visa policies have been implemented to tackle the rental housing shortages that emerged in the country following the removal of COVID-19 restrictions in 2022.
Milestone Alert! Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!
