Australia hikes savings requirement for int’l student visa by 41% in just seven months
Filipinos looking to study in Australia may face greater hurdles, including a higher minimum savings requirement after the latter raised the threshold for the second time in seven months.
After May 10, 2024, international students must show proof of savings of at least AU$29,710 (P112 million) to get their visa. This marks the second increase after the October 2023 hike to AU$24,505 (P927,694) from AU$21,041(P796,556).
In a press release, the Australian Department of Home Affairs said the latest increase is equivalent to 75% of the national minimum wage, a reasonable cost for a student’s minimum standard of living and to prevent them from experiencing financial distress, breaching their visa conditions by working more hours than they are permitted and falling victim to worker exploitation.
The minimum financial capacity requirements were also raised on annual school costs, personal annual income and various types of dependents.
Aside from the higher financial capacity requirement, student visa applicants must also perform better in English tests.
The latest move is part of the Australian government’s push to bring migration to a “sustainable level.” Achieving this means halving in the next two years its migration numbers of which international students take up a significant portion.
The growing volume of migrants — mostly driven by students from Asian nations, including the Philippines — has been blamed in part to soaring rental prices across a nation already grappling with a housing crisis.
