2024-05-16
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Study Abroad
Australia’s financial requirement capacity for int’l students rises again
Government aims to ensure financial stability but critics say move hurts education sector
Australia’s financial requirement capacity for int’l students rises again
Australia has raised the financial capacity requirement for international student visa applicants to AUD$29,710, effective May 10. This decision, which also increases the funds required for spouses or de facto partners, is seen as a response to the rising cost of living and is aimed at ensuring students have enough money to support themselves. The move has generated debate, with some viewing it as a strategy to decrease international student numbers and others as a necessary adjustment. There is also speculation about possible visa fee increases in the upcoming budget.
On the domestic front, the Albanese government plans to cut student debt by $3 billion, addressing last year's indexation hike and capping the HELP indexation rate to prevent debt from growing faster than wages.
These actions underscore Australia's commitment to balancing the interests of its international education sector with the needs of its domestic students while striving to maintain educational standards and protect against financial exploitation.
On the domestic front, the Albanese government plans to cut student debt by $3 billion, addressing last year's indexation hike and capping the HELP indexation rate to prevent debt from growing faster than wages.
These actions underscore Australia's commitment to balancing the interests of its international education sector with the needs of its domestic students while striving to maintain educational standards and protect against financial exploitation.
