From May 10, 2024, the amount of money that Australia Student and Student Guardian visa applicants need to have to be eligible for the visa is increasing.
The financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage. This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 percent of the year. During this time they may return home or have access to unrestricted work.
The below table outlines the funds applicants need to show to meet the minimum financial capacity requirement, which will increase from May 10, 2024.
| Financial capacity requirement before May 10, 2024 | Financial capacity requirement after May 10, 2024 | |
| Primary applicant | AUD 24,505 | AUD 29,710 |
| Spouse or de facto partner of the student primary applicant | AUD 8574 | AUD 10,394 |
| Dependent child | AUD 3670 | AUD 4449 |
| Annual school costs | AUD 9661 | AUD 13,502 |
| Personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
| Personal annual income where there is a member of the family unit. | AUD84,543 | AUD102,500 |
The Department of Home Affairs (DHA) will assess applications lodged before May 10, 2024 under the financial capacity requirements in effect at the time of application.
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