Australia announced an increase in the financial requirements for student visas, effective this Friday. International students must now show they have savings of at least A$29,710 ($19,576) to qualify, up from A$24,505.
Migration and Market Pressures
The decision aims to manage high migration rates and relieve pressure on the rental market, which has surged following the easing of COVID-19 restrictions. This includes stricter visa rules and higher English language standards.
Crackdown on Fraudulent Practices
Home Affairs Minister Clare O'Neil reported that 34 education providers were warned against unethical recruitment. Severe penalties, including imprisonment, are on the table for violators. O’Neil emphasized removing dishonest providers from the education sector.
Economic Impact
Despite international education bringing in A$36.4 billion in 2022/23, the spike in migration is straining infrastructure, especially the housing market. Last year, net immigration increased by 60%, reaching a record 548,800.
Future Policies
The government expects these measures will significantly reduce migrant numbers in the coming years, aiming for the largest drop outside of wartime or pandemic conditions.
