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Student visa applicants and students with dependent children or spouses need more savings in their bank accounts to apply for a visa to come to Australia to cover the increased cost of living.
An extended period of heightened inflation in almost every national economy across the globe has resulted in the price of living in just about every country increasing substantially. In the UK, overall inflation peaked at 11.1% in October 2022 but has since dropped to 2.3% in April this year, while in other countries like India, South Africa and Mexico inflation was recorded at 4.83%, 5.2% and 4.65% respectively in the same month.
Although Australia’s monthly inflation rate has dropped from a high of 7.8% in December 2022 to 3.6% in April, the Department of Home Affairs has adjusted the amount of money needed in the bank accounts of student visa and student guardian visa applicants based on the new methodology as a proportion of the national minimum wage in Australia. These adjustments mostly reflect an increase in required savings by about 21%.
Primary applicants for student visas now need at least $29,710, up from $24,505. The spouses or de facto partners of these applicants need a total of at least $10,394, increased from $8,574, while dependent children need a minimum of $4,449, as well as $13,502 to cover annual school costs.
Applicants must also demonstrate a personal annual income of at least $87,856, instead of the previous $72,465 if they are the sole applicant and $102,500, up from $84,543 if they are bringing members of their family unit.
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