Australia, known for its world-class education system and vibrant multicultural environment, has made updates to its financial capacity requirements for Student and Student Guardian visas. This significant change, announced by the Australian Department of Home Affairs and reported by MSN.com, aims to ensure that visa applicants have adequate funds to sustain themselves while pursuing education in the country.
Effective from May 10, 2024, the revised financial capacity requirement reflects a proportion (75 per cent) of the national minimum wage. This adjustment is designed to provide a more realistic assessment of the funds necessary to maintain a minimum standard of living during the course of study in Australia. The calculation takes into consideration that students are typically out of the course session for 25 per cent of the year, during which they may either return home or engage in unrestricted work opportunities.
Here’s a breakdown of the minimum required funds to meet the financial capacity requirements before and after May 10, 2024:
| Financial Capacity Requirement | Before May 10, 2024 | After May 10, 2024 |
|---|---|---|
| Primary Applicant | AUD24,505 | AUD29,710 |
| Spouse or De Facto Partner (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 (no family member) | AUD72,465 | AUD87,856 |
| Personal Annual Income (with family member) | AUD84,543 | AUD102,500 |
These adjustments aim to ensure that students and their families have sufficient financial resources to cover living expenses, tuition fees, and other associated costs during their stay in Australia.
It’s essential for prospective visa applicants to stay informed about these changes and ensure they meet the updated financial requirements before applying. Failure to meet these requirements could result in delays or rejection of visa applications.
For more detailed information and updates regarding Australian visa requirements, please refer to the official website of the Australian Department of Home Affairs at immi.homeaffairs.gov.au.
source link: msn.com
Disclaimer: The information provided is for general informational purposes only. Visa regulations may vary, and readers are advised to verify details from official sources or consult immigration experts.
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