Student and Student Guardian visas minimum financial capacity requirement increase

The Department of Immigration issued a new instrument on 9 May 2024, which aims to increase the financial capacity requirements for the 500 student visa and the 590 Student Guardian visa in the future.

The amended figures are based on a new methodology, calculated as a proportion of the Australian National Minimum Wage. The adjusted figures result in an increase of approximately 21 percent from the previous figures.

Please refer to the table below for the funds (AUD) required to meet the minimum financial capacity requirements after 10 May 2024 in comparison to the minimum financial capacity requirements prior to 10 May 2024:

The department of Immigration said it hoped to increase the financial requirements of families to ensure that students in Australia will not violate visa rules due to financial difficulties, or work more hours than the visa requirements, and to reduce the exploitation of students while working.