Starting May 10, 2024, the financial requirement for Student and Student Guardian visa applicants will increase.

The updated financial capacity requirement will now reflect 75 percent of the national minimum wage. This adjustment aims to more accurately represent the amount of money necessary to maintain a minimum standard of living while studying in Australia. This percentage takes into account that students spend 25 percent of the year outside of their course sessions, during which they might return home or work without restrictions.

International students who demonstrate they meet this new financial requirement will be better equipped to make well-informed decisions about their future.

This change aims to reduce the likelihood that students will:

• Experience financial distress once in Australia
• Violate their visa conditions by working more hours than permitted
• Be susceptible to worker exploitation

The following table shows the updated minimum financial capacity requirement, effective from May 10, 2024.

source : https://www.racc.net.au/student-visa-requirement