Australian government has hiked the minimum savings for students seeking
educational opportunities in the country. International students applying for
the Australian student visa will have to show a minimum savings of $24,505 from
1 October 2023. The number spells a hefty increase of 17% from the current
levels. The government will also conduct additional scrutiny of high-risk
cohorts and look for robust documentation to cut down fraud risk in
international students' applications.
Australian Bureau of Statistics has reported a significant increase in the
number of international students landing in the country this year, swelling
from 60,420 in July 2022 to 131,640 in July 2023. The hike aims to ensure that
the international students arriving in the country can support themselves and
be safe from the risk of exploitation due to a pressing need for employment.
Minister for Home Affairs Clare O’Neil, international education is the
country’s fourth largest export. Australia needs to maintain its reputation for
quality education and prevent the exploitation of international students.
concern for the country is international students abandoning their primary course
after arrival and moving to expensive vocational training programmes or
entering the workforce prematurely. The government has already addressed the
loophole that permitted education providers to move international students who
have been in the country for less than 6 months from study programmes to work
it may implement regulations to establish grounds for using suspension
certificates, such as fraudulent document application rates and provider
refusal rates. It may even leverage the Education Services for Overseas
Students Act’s Section 97 to issue suspension certificates to problematic
education providers. With a suspension certificate, these providers will no
longer be able to recruit international students.
implications of these steps are yet to be seen, but one thing is clear- you
will need to rethink your finances and strengthen your savings to fulfil your
international education dreams in Australia.