Australia Hikes Bank Balance Requirement for Student Visa from May 10, 2024

Australia will increase the financial balance required for student visas starting on May 10, 2024. Updates on Australia’s increase in the minimum savings required for student visas and alerts on fraudulent recruitment will be covered.

The cost of attending school in Australia will change significantly for international students. The minimum bank balance needed to obtain a student visa has increased in Australia. Candidates will now need to provide evidence of at least 29,710 Australian dollars as of May 10, 2024. After rising from 21,410 Australian dollars to 24,505 Australian dollars in October 2023, this is the second increase in less than a year.

New Financial Requirements and Implications

The new savings requirement lessens the possibility of financial difficulties by ensuring students have enough money for living expenses, transport, and tuition throughout their stay. But it’s also meant to stop recruiting scams and deter students from utilizing their education to get a job instead of studying.

What are the other key changes affecting international students?

Other adjustments have also been made by the government for overseas students.

• To concentrate on justifiable study intents, the Genuine Student requirement has replaced the Genuine Temporary Entrance requirement.
• International students’ post-study work rights have been extended by up to two years as of July 2023.
• Work hours capital during study terms and semesters will be limited to 48 hours per Fortnite starting in July 2023.

Australian Government’s Crackdown on Fraudulent Recruitment

The government has issued warnings to 34 education providers about fraudulent recruitment methods in an attempt to protect the reputation of Australia’s international education industry. If proven guilty, the punishment maybe two years in prison and a prohibition from recruiting new students.

How is Australia’s government handling the strains of immigration and housing?

Even though the international education sector generates 36.4 billion Australian dollars in export revenue, the rental market is under strain due to record-high migration brought on by student visas. Over the next two years, the administration plans to tighten regulations and cut the number of migrants admitted. Make sure you review these changes and modify your financial planning to comply with the new criteria if you intend to study in Australia.

Australia’s Latest Student Visa Rejection Rate in 2024

Australia remains a popular choice for students seeking improved academic resources, international exposure, and professional development when it comes to studying abroad. Similar to applying to Australian universities, obtaining an Australian student visa may appear challenging, and many applicants are worried about their chances of being granted an Australian study visa.

While the number of international students studying in Australia already exceeds 700,000, a record was set in the three months before February when over 50,000 applicants had their visas denied. Australia’s February student population was 713,000, up 50,000 from September of last year’s record of 664,100.

This article will highlight the Australian Study Visa success rate, the causes for student visa refusal in 2024, the affected nations, and the impact of new laws, based on recently disclosed government figures.

The number of applications denied has risen by 20%, according to reports from the second half of 2023, pointing to a significant shift in the nation’s immigration and educational policies. This is not like previous years, and it has created problems for overseas applicants. Some colleges have even withdrawn their previous promises of extended admission.

Visa Grant Declines in Affected Countries

According to sources, the current 20% decline in the approval of student visas for Australia represents the largest change observed in the preceding 20 years. As part of a larger plan to reduce the overall number of migrants, projections show that the number of migrants will decrease from 375,000 in the current fiscal year to 250,000 in the following year.

With an emphasis on the education sector, the TRP visa rules aim to alter the demography of immigrants. In particular, the new immigration laws have an impact on Pakistan, India, and Nepal. These countries, which are among Australia’s top suppliers of international students, now face greater obstacles for educational institutions as a result of tougher visa rejections and increased entrance restrictions.

There are significant problems with the surge in visa rejections and the unpredictable nature of visa acceptance. Longer visa processing times for those classified by the government as higher risk make it harder for them to meet recruitment and admissions goals. In response, a few universities withdrew their admission offers and focused their offers on nations where the likelihood of a visa being denied is lower.

8,300 prospective international students participated in the poll, which yielded new data, and 22% of them said they had changed their preferred country of study the year before. There has been a shift in travel preferences away from well-known locations like Australia and toward other nations like New Zealand

The major arguments put out for their decision-making shift included worries about negative legislative changes, costly course costs, and protracted delays in the processing of their Visa. Other considerations included better career opportunities, longer work rights after graduation, and improved migration prospects.

New Regulations and Their Impact

Australia has introduced more demanding requirements for international students, such as higher financial requirements, improved English language proficiency, and a new Genuine Student Test. These developments result in longer processing times for visa rejections and the withdrawal of admission offers from certain universities.

The method appears to be unfair and unclear, which worries educational institutions and students alike. Australia’s new regulations addressing international students must be understood and adapted to both educational institutions and students. All parties concerned must stay informed about the new laws, ensure equitable treatment, and receive the assistance they require to manage these changes effectively.

It is reasonable to assume that the Australian government will make efforts to raise the enrolment of overseas students to 720,000 within the next two years. But these goals also depend a great deal on the status of world politics and the ever-changing immigration regulations.