International students in Australia will need to provide proof of the new fund requirements from 10 May.
The Australian government have increased the financial capacity requirement for student visas just seven months after the last hike.
After 10 May, the minimum required funds will increase by 21% from AUD$24,505 (£12,911) to AUD$29,720 (£15,654) for a primary applicant. This increase accounts for 75% of the national minimum wage, which is ‘the amount of money considered reasonable to provide a minimum standard of living’ considering students will be out of course session for 25% of the year, according to the Department of Home Affairs.
‘DHA has very quietly increased the living cost twice in 6 months today,’ wrote Bobby Abraham, of Independent Higher Education Australia, in a post on LinkedIn. ‘This brings to light the short sightedness of the decision makers adding to the confusion and uncertainty within the education sector.’
Edward Slade, Managing Director of Schoolhouse Solutions, also wrote:
‘Australia has now increased the financial capacity […] by 40% in 12 months. The latest increase is a further attempt by government to make study here more difficult and less attractive for international students. The amount is now set at 75% of the minimum wage but our minimum wage is the highest in the OECD. Perhaps the increase is an implicit admission by government of the real rise in our cost of living?’
