Today we bring another update for international students from the land down under. Australia has demanded a hike in the Proof of Finance for students’ visa applications. Let’s find out more about this.
It seems that there was a loophole through which educational institutes used to transfer international students staying in the country for less than six months to a work arrangement instead of a genuine study. So now, Australia has shut down this loophole for the better.
Proof of Finance
From October 1, 2023, all international students applying for a student visa have to provide proof of $24,505 in savings. The Australian government announced that this is a 17% hike on the current levels and accounts for indexation since 2019.
It is important to note that the said amount is only for student applications. If you want to bring a dependent along, then your revised financial capacity must meet the visa requirements. The aim is to ensure that students coming into the country can support themselves and not have to face exploitation because of urgent employment needs.
The Australian government demands additional scrutiny and documents to prevent fraud.
Mainly due to the COVID-19 period, there have been no changes in the financial capacity requirement for the Australia Study Visa since 2019. There were regular updates each year before the pandemic.
In the first half of 2023, the use of the concurrent function has been a great hike. This year, around 17,000 concurrent enrollments were created, which is a lot compared to the 10,500 concurrent enrollments in 2019 and 2022.
According to Clare O’Neil, Minister for Home Affairs, international education is the fourth largest export of Australia, and maintaining the reputation for quality education is important. She added that the government will not tolerate individuals exploiting students, and loopholes affecting the system will be shut down.
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