Australia to Increase the Financial Requirement for Student and Student Guardian Visas

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.

Erickson Insights & Analysis

Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.