Starting from May 10th, the Australian government will increase the visa deposit for studying in Australia, marking the second increase in the deposit amount in the past seven months.
When applying for a student visa, applicants or their relatives are required to provide financial evidence to the Australian government to ensure that the students have enough financial support for their studies and living expenses in Australia. Typically, applicants provide proof of regular deposits.
The Australian Department of Home Affairs stated that starting from May 10th, the study deposit will be raised from 24,505 Australian dollars to 29,710 Australian dollars.
The statement explained that the study deposit is set at 75% of the Australian statutory minimum wage, which is considered a reasonable amount necessary for international students to meet the minimum living standards during their study period in Australia. The reason for setting it at 75% is to account for the fact that students spend 25% of the year not attending classes, during which they may return to their home country or work.
Last October, Australia had just raised the study deposit once before, from 21,041 Australian dollars to 24,505 Australian dollars.
Due to inflation, the cost of living in Australia has been rising, while wages have also seen significant increases.
The latest report from IDP Education, an education and migration agent, indicates that due to the high cost of living, Australia has lost its top spot as the preferred study destination, slipping to the second position.
To combat the abuse of student visas for the purpose of working in Australia for quick money, the Australian government has recently implemented a series of policies tightening visa regulations to reduce immigration numbers. This includes raising English language requirements and cracking down on private schools that enroll fake international students.
The federal government introduced an education institution risk rating system at the end of last year, prioritizing visa processing for students from low-risk schools. Many private schools were classified as high-risk educational institutions, leading to a large number of student visa rejections.
This week, the Australian federal government issued warnings to 34 private schools, requiring them to stop recruiting fake international students and abusing the visa system, or else they would lose the eligibility to enroll international students.
As housing costs surge, the influx of immigrants in Australia has added pressure to the local rental housing market. The latest data from the Department of Home Affairs shows that as of February 29th this year, the number of international students in Australia has surpassed 700,000 for the first time.
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