Australia has announced a significant increase in the financial requirement for international student visas, aiming to control record migration and address concerns over student exploitation.
The new rule, effective from Friday, mandates international students to demonstrate savings of at least A$29,710 ($19,576) to qualify for a visa. This is the second increase in about seven months, following a previous hike to A$24,505 from A$21,041 in October.
These changes come amid broader efforts to tighten student visa rules, as the lifting of COVID-19 restrictions in 2022 triggered a surge in migration, contributing to the strain on Australia’s rental market. In March, the government also increased English language requirements for student visas, and has been implementing policies to prevent students from prolonging their stay through various loopholes.
In addition, the government has sent warning letters to 34 education providers regarding “non-genuine or exploitative recruitment practices.” Home Affairs Minister Clare O’Neil indicated that these institutions could face significant penalties if found guilty of misconduct. “Dodgy providers have no place in our international education sector. These actions will help weed out the bottom feeders in the sector that seek to exploit people and trash the reputation of the sector,” she said.
International education is a major contributor to Australia’s economy, valued at A$36.4 billion ($24 billion) in 2022/23. However, the rapid rise in migration, primarily driven by international students, has led to increased rental costs across the country. According to government data, net immigration rose by 60% to a record 548,800 in the year ending September 30, 2023.
The government is now seeking to reduce migration rates significantly, aiming to cut the current intake by half over the next two years. “We are significantly reducing migration levels – we are in the middle of the biggest drop in migration numbers in Australia’s history, outside of war or pandemic,” O’Neil stated.
These changes reflect the government’s broader strategy to manage migration, maintain a sustainable rental market, and ensure that the international education sector operates with integrity.
(economictimes.indiatimes.com)
