International students soon need to save more money for Australia

On August 26, 2023, the Australian Government made an announcement that would impact international students across the globe.

The announcement included several changes aimed at improving the integrity of the foreign education system and providing real help to international students.

This measure is intended to ensure that international students in Australia can support themselves adequately while minimizing the risk of exploitation due to urgent work demands.

This article will examine the reasons behind this decision and its implications for international students.

The Need for Change

When applying for a student visa (subclass 500), it is important to meet the financial requirements.

Since 2019, the required amount has been A$21,041 and has not been adjusted for inflation or changes in living expenses.

However, the government has proposed an increase to better reflect Australia’s current cost of living. This is intended to help international students meet their basic needs without having to rely on unstable employment.

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The New Financial Requirement

Starting October 1, 2023, international students applying for a Student visa in Australia will be required to demonstrate evidence of A$24,505 in savings.

This marks a 17 percent increase from the previous requirement and is a response to the rising living costs in the country.

By increasing the financial threshold, the government aims to provide international students with a more realistic expectation of the financial support they will need during their stay.

Supporting Genuine International Students

The Australian Government has decided to raise the financial requirement for student visas in order to support authentic international students.

These students not only enrich the country’s education sector but also its cultural diversity and economic development.

The government’s aim is to provide international students with adequate financial resources to create a more stable and positive experience for them.

Preventing Exploitation

A major issue that this change aims to tackle is the exploitation of international students who face difficulties in meeting their financial obligations.

In the past, some students have been compelled to take up underpaid or exploitative jobs due to their financial struggles.

To prevent such situations and safeguard the rights of international students, the government intends to increase the savings requirement.

Impact on International Students

While the increase in the financial requirement may seem daunting at first glance, it is important to consider the broader context.

Australia remains a highly sought-after destination for international education due to its world-class universities, quality of life, and diverse culture.

The country offers various scholarships, part-time job opportunities, and support services to help international students manage their finances.

To meet the new savings requirement, prospective international students may need to plan their finances more carefully.

This could involve saving up before applying for a visa, securing scholarships, or exploring part-time job opportunities during their studies.

Ultimately, the change in the financial requirement is intended to encourage responsible financial planning and ensure that international students can enjoy a safe and fulfilling educational experience in Australia.

Conclusion

The Australian government has raised the financial requirement for student visas to support genuine international students and prevent exploitation.

Although this change may present difficulties for some, it highlights Australia’s commitment to offering a top-notch educational experience for international students.

With proper planning and research, students can still pursue their goal of studying in Australia and take advantage of the country’s diverse academic and cultural environment.

FAQS

Why did the Australian Government increase the financial requirement for student visas?

The increase aims to reflect the rising living expenses in Australia and ensure international students can comfortably support themselves during their studies while minimizing the risk of exploitation due to urgent employment needs.

When will the new financial requirement for student visas come into effect?

The new requirement will be effective from October 1, 2023.

Is there any support services or scholarships available to help international students meet the increased savings requirement?

Yes, Australia offers various scholarships and part-time job opportunities to assist international students in managing their finances and meeting the savings requirement.