What’s New with the Australia Student Visa Bank Balance Requirement?
Starting May 10, Indian students planning to study in Australia will face a new financial requirement as part of their visa application process. The Australian government, in its bid to refine its immigration policies, has raised the minimum bank balance needed to obtain a student visa. Now, students must demonstrate that they have at least A$29,710 (approximately Rs 16,35,806) in savings to cover their expenses while in Australia.
Why Has Australia Changed the Visa Savings Requirement?
The primary reason behind increasing the bank balance requirement for the Australia student visa is to ensure that incoming students have adequate financial resources. This change aims to support students in managing their travel, course fees, and living expenses without financial strain during their educational tenure in Australia.
What Does This Mean for Prospective Students?
Previously, in October, the required amount was set at A$24,505 (around Rs 13,49,223), following an increase from A$21,041 (approximately Rs 11,58,498). This latest adjustment marks the second increase in just about seven months, reflecting a tighter financial screening process for students wishing to study Down Under.
Impact on Indian Students
This adjustment is especially significant for Indian students, a group that consistently chooses Australia for higher education and professional opportunities. Last year alone, over 120,000 Indian students were enrolled in Australian universities. According to Sachin Jain, Country Manager at ETS India and South Asia, “Australia remains the preferred choice for Indian students and working professionals, with over 120,000 Indian students studying in Australia last year. Further, with nine Australian universities amongst the top 100 global universities as per the latest QS World University Rankings, Australia offers world-class higher education and post-study work opportunities.”
However, Shradha Gupta, Partner at Accord Juris, notes the challenges posed by these new rules: “The restrictions will significantly impact students’ ability to fund their education and livelihood, despite a minimal overall impact on Indian nationals residing in Australia.” She also highlights the difficulty in seeking waivers under the ‘No Further Stay’ condition, which offers limited flexibility.
Additional Reforms in the Australian Student Visa Process
Alongside the increased financial requirements, the Australian government has introduced several other changes impacting international students:
- Introduction of the Genuine Student (GS) Requirement: This replaces the previous Genuine Temporary Entrant (GTE) requirement to ensure students are primarily in Australia to study rather than work.
- Extended Post-Study Work Rights (PSWR): Effective from July 1, 2023, international students can now enjoy up to two extra years of work rights post-study, allowing better opportunities to gain relevant employment in their field of study.
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Enrollment and English Proficiency Requirements: A minimum IELTS score of 5.5 is now mandatory for students enrolling in higher education programs.
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Regulation of Work Hours: Starting July 1, 2023, student work hours are capped at 48 hours per fortnight during academic terms.
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Limitation on Multiple Course Enrollments: From September 8, 2023, students cannot enroll in two simultaneous courses during the first six months of their principal course.
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Restrictions on the Skilled-Recognised Graduate Visa: As of December 22, 2023, this visa, which allows recent engineering graduates to remain in Australia for 18 months, will be capped.
For more detailed information regarding these changes, prospective students can visit the Australian Government Department of Home Affairs website.
Conclusion: Navigating New Requirements
The increase in the minimum bank balance requirement and other revised criteria underline Australia’s commitment to attracting genuine students while ensuring they are well-prepared financially and academically for their stay in Australia. Prospective students need to carefully assess their financial standings and understand these new regulations to fulfill their academic ambitions in Australia.
Learn Today:
- Genuine Student (GS) Requirement:
- Definition: The Genuine Student Requirement is a criterion introduced by the Australian government to ascertain that individuals applying for a student visa genuinely intend to pursue studies in Australia. This condition replaces the earlier Genuine Temporary Entrant (GTE) requirement and focuses on ensuring that students primarily come to Australia for educational purposes rather than work or other ulterior motives.
- Post-Study Work Rights (PSWR):
- Definition: Post-Study Work Rights refer to the permission granted to international students to work in Australia for a specified period after completing their studies. Effective from July 1, 2023, students can now enjoy extended work rights for up to two additional years post-study, offering them improved prospects for gaining relevant work experience in their chosen field.
- IELTS (International English Language Testing System):
- Definition: IELTS is an internationally recognized English language proficiency test that assesses the language skills of individuals who wish to study or work in English-speaking countries, including Australia. A minimum IELTS score of 5.5 is now a mandatory requirement for students enrolling in higher education programs in Australia.
- No Further Stay Condition:
- Definition: The ‘No Further Stay’ condition is a restriction imposed by the Australian government on certain visas, limiting the visa holder’s ability to apply for another visa while in Australia. Seeking waivers under this condition, especially in the context of student visas, can be challenging and may offer minimal flexibility to extend one’s stay or change visa types.
- Skilled-Recognised Graduate Visa:
- Definition: The Skilled-Recognised Graduate Visa is a visa category that allows recent engineering graduates from recognized institutions to remain in Australia for a duration of 18 months post-graduation. As of December 22, 2023, this visa will be subject to limitations, indicating changes in visa regulations aimed at managing the stay of skilled graduates in the country.
This Article In A Nutshell:
Australia raises its student visa bank balance requirement to A$29,710 for Indian students from May 10. The change aims to guarantee sufficient financial support during studies. Additional reforms include a Genuine Student requirement and extended post-study work rights. These ensure a robust educational experience for international students in Australia. For details, visit the Australian Government Department of Home Affairs website.
— By VisaVerge.com
Read More: Recent Updates on Australia’s Student Visa Policies
- Approval Rates Decline for Australia Student Visas Despite High University Applications
- Advising Withdrawal for Students Awaiting Australia Student Visas
- Surge in Australia Student Visa Rejections Following Migration Strategy Update
- Five Key Policy Updates for Australia’s International Student Visas
- Major Changes in Australia Student Visa Policy
