Here’s what you need to know.
What are the new minimum savings needed for international students?
It is the second increase to the savings minimum in the last year.
The number of international students in Australia has surpassed pre-pandemic levels. Source: SBS News
The savings requirement increased 17 per cent — from $21,041 to $24,505 — in October.
The amount had previously not been indexed since 2019, with the hike acting as a catch-up.
Why do foreign students need more savings?
The government has been under pressure over rising migration. Source: SBS News
According to the latest statistics on population change, published by the Australian Bureau of Statistics, net overseas migration rose 60 per cent to 548,800 in the year to 30 September 2023.
The government expects its policies could halve Australia’s migrant intake over the next two years.
According to the Department of Home Affairs, the change aims to ensure students coming to Australia to study can afford to support themselves and will not face an increased risk of exploitation.
What are the other requirements for international students?
Under the strategy, English language requirements were increased, with those applying for a student visa now required to score a 6.0 on the International English Language Tests System (up from 5.5).
The government has also been taking steps to end settings that allowed students to prolong their stay.
Why are universities being warned over fraudulent recruitment?
According to the statement, providers will have six months to “significantly improve their behaviour” or risk being issued with suspension certificates.
Home Affairs Minister Clare O’Neil has issued warnings to education providers over “non-genuine or exploitative recruitment practices.” Source: AAP / Lukas Coch
This would ban these providers from recruiting more international students, with breaches of these actions punishable by up to two years imprisonment
“These actions will help weed out the bottom feeders in the sector that seek to exploit people and trash the reputation of the sector.”