New Australian Visa Rules effective today; How will they impact Indian students as financial threshold increases?
New Australian Visa Rules effective today; How will they impact Indian students as financial threshold increases?
In a move aimed at ensuring international students can afford basic living expenses while studying in Australia, the Australian government has made it tougher for them to obtain visas by increasing the amount of money they must have as savings to enter the country.
Effective May 10, 2024, Indian students who wish or are already studying must show that they have at least A$29,710 (₹16,29,964) in savings to qualify for a visa, which amounts to 75% of the national minimum wage.
This adjustment marks the second increase in the last seven months, following a previous hike from A$21,041 (₹11,54,361) to A$24,505 (₹13,44,405) in October. The government’s decision to raise the financial threshold comes in response to concerns over a surge in people moving to Australia following the lifting of COVID-19 restrictions in 2022, leading to issues such as a shortage of rental housing.
In March 2024, English language requirements were also raised for student visas, with the government taking steps to bring an end to the rules that allow students to increase their stay in Australia.
International education accounts for Australia’s largest export industries, which amounted to A$36.4 billion ($24 billion) in FY23.
But an increase in migration, mostly driven by overseas students, has pressurised the government, due to which rental prices are also reaching record highs across the country. In September 2023, net immigration rose 60 per cent to a record 548,800.
The government currently expects that its policies could bring down Australia’s migrant intake to half in the next two years.
“We are significantly reducing migration levels – we are in the middle of the biggest drop in migration numbers in Australia’s history, outside of war or pandemic,” Home Affairs Minister Clare O’Neil said.
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