The Australian Government has increased the financial capacity requirement for Student and Student Guardian visas. The increase was announced on 08 May 2024 and will apply to Student and Student Guardian visa applications lodged on or after 10 May 2024.
The financial capacity requirement was increased to prevent students from experiencing financial distress in Australia, to stop students from breaching their visa conditions to work more than the permitted hours and to avoid students from worker exploitation.
The below table outlines the funds students need to show to meet the minimum financial capacity requirement.
| Financial Capacity requirement before 10 May 2024 | Financial Capacity requirements after 10 May 2024 | |
| Primary applicant | $24,505 | $29,710 |
| Spouse or de facto partner of the student primary applicant (not applicable to Student Guardian applicant) | $8,574 | $ 10,394 |
| Dependent child | $3,670 | $4,449 |
| Annual school costs | $9,661 | $13,502 |
| Personal annual income if there is no member of the family | $72,465 | $87,856 |
| Personal annual income where there is a member of the family uni | $84,543 | $102,500 |
The Department has announced that they will assess applications lodged before 10 May 2024 under the financial capacity requirements in effect at the time of application.