Australia raises minimum savings for student visa again

Australia has raised the minimum savings for granting visas to international students for second time in about seven months as part of efforts to rein in record migration.

Reuters report says international students must show proof of savings of at least A$29,710 to get Australian visa.

In October, the minimum savings was raised to A$24,505 from A$21,041.

The country also warned several colleges of fraudulent student recruitment practices.

Australian Home Affairs Minister Clare O'Neil said warning letters was sent to 34 education providers for ‘non-genuine or exploitative recruitment practices’.

“They could be jailed for up to two years and banned from recruiting students if found guilty,” she said.

International education was worth A$36.4 billion ($24 billion) to the Australian economy in the past fiscal year. The country witnessed a sudden influx of migrants after lifting of COVID-19 restrictions in 2022. The situation exacerbated pressure on an already tight rental market.

Later, the country initiated a raft of actions in recent months to tighten the student visa rules with an aim to halve migrant intake over the next two years.

In March, Australia increased English language requirements for student visas. The country also wants to end settings that allowed students to prolong their stay.