Sydney:
Australia has recently implemented significant changes in its visa issuance policies for foreign students, making it slightly more challenging for them to obtain visas for studying in the country.
Increased Savings Requirement
Under the new visa policy, the Australian government has raised the mandatory savings amount for students seeking entry into the country.
Now, students are required to demonstrate savings equivalent to 75% of Australia’s national minimum wage, amounting to at least A$29,710 (₹16,29,964), effective from May 10, 2024.
Purpose and Impact of the Change
The government asserts that this adjustment aims to ensure that students can adequately cover their living expenses during their academic pursuits in Australia.
Notably, considering that students are not in class for 25% of the year and often engage in part-time work during this period, this rule aims to assist students in better financial planning for their future.
Increase in Savings Requirement: A Trend
This revision marks the second increase in the savings requirement within the past seven months.
Previously, in October, the amount was raised from A$21,041 (₹11,54,361) to A$24,505 (₹13,44,405).
Factors Driving the Change
The surge in the number of arrivals to Australia following the lifting of COVID-19 restrictions in 2022 led to a housing shortage.
To address this issue, the government has tightened visa regulations.
Emphasis on English Language Proficiency and Visa Integrity
Furthermore, obtaining a satisfactory score in the English Language Test has been made compulsory.
Additionally, measures are being implemented to prevent students from resorting to tactics to extend their visas unlawfully.
According to Australia Visa News, the country witnessed a record high of 654,870 temporary student visas granted in July 2023,
a significant increase from the previous year.
