International students will now need to save more money to study in Australia

In a move to ensure the financial stability of international students and reducing the likelihood of immediate job-seeking upon arrival, the Australian government has announced an increase in the minimum savings requirement for obtaining a student visa.

As of October 1, international students will be required to demonstrate savings amounting to $24,505, a 17% surge from the previous threshold.

This adjustment marks the first indexation of the savings benchmark since 2019, signifying a necessary catch-up to align with current economic conditions. The government's decision also includes the closure of a previously exploited loophole that enabled educational institutions to transition international students, who had spent less than six months in Australia, into a specialized arrangement granting them work access.

The employment-focused initiative, known as the concurrent study function, witnessed a significant uptick in the initial half of 2023, reaching a total of 17,000 participants. This figure notably surpasses the combined count of approximately 10,500 from the analogous period encompassing both 2019 and 2022.

Concurrent enrolments, which permit students to simultaneously register for multiple courses, have become increasingly popular among international students. These modifications to student visa requirements and work access regulations underscore the government's commitment to maintaining a balanced and sustainable educational environment for international students in Australia.