10 Nov 2009
The Department of Immigration and Citizenship are raising the minimum financial requirements for overseas students wishing to study in Australia.
Currently student must prove that they have access to at least AU$12,000 per year to support themselves while they study, however it is proposed that from 1st January 2010 this amount is being increased to AU$18,000.
Although Students are allowed to work for upto 20 hours a week once whilst they study in Australia DIAC wants to ensure that student get the most out of their studies by not relying on such work to meet all their expenses.
The main factor in the rise is the rising cost of living in Australia over the past 9 years. The requirement of AU$12,000 was brought in in 2001 and it was felt that this cost did not adequately prepare students for the realities of moving to Australia to Study in 2010. It is felt than the sum of AU$18,000 a year more accurately reflects the real cost of living in Australia.
DIAC strongly advise people to research the cost of living in Australia thoroughly before making any decisions to ensure you can afford to study in Australia.
Information about the cost of living as a student in Australia can be found on our ‘Cost of Studying in Australia pages’ and in more details on our member portal pages. Register here
The proposed changes may also require a student to prove they have these funds and may include checking:
• A prospective student’s previous financial and immigration history
• The employment history of the student or the person providing the student with financial support
• The source of the income used (for example, cash assets or a bank loan).
Further information is available on the DIAC website www.immi.gov.au/students/