Bank balance threshold raised for Australian student visas in 2024

‘There’s nothing like Australia’ you must have heard this tagline some day or the other in your life. This tagline is very much true to an extent, as Australia has one of the highest per capita incomes globally in economic terms and one of the best tourist destinations because of marvelous landscapes, beaches and coral reefs. 9 out of top 100 institutions in the world, 95% of universities worldwide and 6 out of top 50 student towns Australia is amongst the top choices for international students around the world.

Unfortunately, there is bad news for international students, as they are going to face a financial difficulty for applying to study in Australia as minimum bank balance threshold has been raised by Australian government. Starting from 10^th May, 2024 international students will need to provide proof of savings of at least AUD 29,710 in order to obtain their student visa. It is back-to-back second hike in roughly seven months as in October 2023, Australian government increased the savings threshold from AUD 21,041 to AUD 24,505. This makes a huge difference for international students specially for those where AUD is stronger than their domestic currency (like India, Nepal, etc.), as every dollar being increased can lead to more financial loan for international students, more liabilities, more sale of assets and more interest to be paid. Many people from around the world come to Australia for making their career and lives, but 2nd increase in 7 months will result in decrease of immigrants/international students, as many of them wouldn’t be able to afford the new cost.

Australian government has also changed many immigration laws that are in regards to foreign nationals and international students. These can have impact on both:

1. Prospective students enrolling in Australian universities
2. Current students studying there in terms of work permits.

These bank balances are requested to be increased and maintained because they act as proof of money to cover your travel, course fees, and living costs during your stay. They help reducing your financial risk while you are studying. The total number of temporary student visas granted in Australia hit all-time high of 654,870 in July 2023. It is a whopping 300,000 rise from previous year. Also, concurrent enrolments have been closed to international students in the first six months of study.

There is also some good news/leverage provided by Australian Government:

1. Genuine Temporary Entrant (GTE) has been replaced with Genuine Student (GS) requirement (to differentiate international students looking to come to Australia primarily to work, rather than study)
2. Extension of Post-Study Work Rights (PSWR) of up to 2 extra years for international students.
3. A minimum total score of 5 is required to enroll
4. Work hours allowed during study terms and semesters was capped at the increased amount of 48 hours per fortnight
5. Skilled-Recognised Graduate visa, is allowing recent engineering graduates to stay, work, or study in Australia for up to 18

With these good and bad changes in affect international students are put in dilemma, whether they should actually be pursuing courses from Australia or not. My suggestion would be to analyze and evaluate your own financial conditions and your own field’s career prospects in Australia and then make your decision accordingly. I wish you best of luck for your future endeavors!