The Department of Home Affairs (DHA) has announced that beginning May 10, 2024, there will be an increase in the amount of money that international students are required to demonstrate when applying to study in Australia.
According to the Australian Department of Home Affairs, the new required level of financial proof is equal to 75% of the basic yearly salary in Australia.
If they can meet the new financial criteria, overseas students studying in Australia will have a basic living standard, and those who can “may make more informed decisions about their future.”
Students from other countries who can prove they can afford to study in the United States will be less likely to:
- Deal with post-arrival financial hardship
- Overstay visa restrictions by working more hours than allowed
- Be susceptible to exploitation on the job.
As of May 10, 2024, the following table highlights the minimal financial competence requirements for overseas students in terms of the amount of money they need to demonstrate.
The bare minimum needed to satisfy the standards for financial proof is:
| Financial capacity requirement before May 10, 2024 | Financial capacity requirement after May 10, 2024 | |
| Primary applicant | AUD24,505 | AUD29,710 |
| Spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
| Dependent child | AUD3,670 | AUD4,449 |
| Annual school costs | AUD9,661 | AUD13,502 |
| Personal annual income if there i 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 |
Applications submitted before May 10, 2024, will be evaluated by DHA based on the financial capacity criteria that were in place when the application was submitted.
