Australia raises minimum savings requirement for student visas, Indian students likely affected
- In Reports
- 07:37 PM, May 08, 2024
- Myind Staff
Australia has announced an increase in the minimum savings requirement for international students applying for a student visa, as part of its efforts to regulate record migration levels. Additionally, the country has cautioned colleges to exercise vigilance against fraudulent student recruitment practices.
International students will need to demonstrate savings of at least A$29,710 to obtain their visa. This marks the second increase in the minimum savings requirement in approximately seven months. In October, the requirement was raised from A$21,041 to A$24,505.
The decision follows a series of measures implemented in recent months to bolster COVID-19 restrictions in 2022, which resulted in a sudden surge of migrants and exacerbated pressure on an already constrained rental market.
In March, Australia raised the English language proficiency criteria for student visas and the government initiated actions to prevent students from overstaying their visas.
Home Affairs Minister Clare O'Neil announced that warning letters had been issued to 34 education providers for engaging in "non-genuine or exploitative recruitment practices." She emphasised that these providers could face imprisonment for up to two years and be barred from recruiting students if found guilty.
"Dodgy providers have no place in our international education sector. These measures aim to remove unethical actors from the sector who seek to exploit individuals and damage its reputation," stated O'Neil in a released statement.
Australia's international education sector ranks among its largest export industries, boasting a worth of A$36.4 billion in the fiscal year 2022-23. However, a surge in international student arrivals has led to record migration figures, placing substantial pressure on the government amid skyrocketing rental prices nationwide.
In response, the government aims to halve the number of migrants in Australia 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," stated O'Neil.
The measure is expected to have a significant impact on Indian students in Australia. Following reports indicating selective visa denials targeting Indian students, a former Australian diplomat to India warned that such actions could affect bilateral relations.
In 2023, Australia experienced an unprecedented surge in migration, with students from India, China, and the Philippines leading the influx. According to a report, there was a 48 percent decline in visas granted to Indian students between December 2022 and December 2023. Despite this decline, India remains the second-largest source country for international students travelling to Australia. Between January and September 2023, a total of 1.22 lakh Indian students were enrolled in Australian institutions.
Image source: India Today
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