In today’s blog update, we’ll talk about Australia raising minimum savings for student visa and warnings on fake recruitment.
This is an interesting news indeed. So we highly suggest you to read the full blog and share it with your friends and family on Facebook, Whatsapp and Twitter.
International students aiming to study in Australia face a significant financial change:
Australia has raised the minimum bank balance required for a student visa. Starting May 10, 2024, applicants must now show proof of at least A$29,710 (around $19,576). This marks the second increase in less than a year, following a rise from A$21,041 to A$24,505 in October 2023.
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New Financial Requirements and Implications
The new savings requirement ensures students have enough money to cover travel, tuition, and living expenses during their stay, reducing the likelihood of financial struggles. However, it’s also intended to curb fraudulent recruitment practices and discourage students from using education as a pathway for work rather than study.
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Other Key Changes Affecting International Students
The government has also implemented other changes for international students:
- Genuine Student (GS) Requirement: Replacing the Genuine Temporary Entrant (GTE) requirement to focus on legitimate study intentions.
- Post-Study Work Rights (PSWR): Extended by up to two years for international students since July 2023.
- Work Hours Cap: Capped at 48 hours per fortnight during study terms and semesters, effective from July 2023.
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Cracking Down on Fraudulent Recruitment
In an effort to uphold the integrity of Australia’s international education sector, the government has warned 34 education providers for non-genuine recruitment practices. Those found guilty could face up to two years in jail and be banned from student recruitment.
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Managing Migration and Housing Pressures
Despite international education being a major export industry worth A$36.4 billion, record-high migration driven by student visas has placed pressure on the rental market. The government is tightening policies to halve the intake of migrants over the next two years.
If you’re planning to study in Australia, be sure to review these changes and adjust your financial planning to meet the new requirements!
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