Australia has long been a preferred destination for international students, offering world-class education and a vibrant multicultural environment. To ensure that students and their families can sustain themselves during their stay, the Australian government mandates certain financial requirements. Among these is the 12-month living cost requirement, which covers expenses for students, their partners, and accompanying children.
Recent Changes in Living Costs
As of October 1, 2023, the Australian Department of Home Affairs has updated the 12-month living cost requirements for various categories of visa applicants. These changes reflect the evolving cost of living in Australia and are intended to provide a more accurate estimate of the financial resources needed to support oneself or one’s family while studying in the country.
Students or Guardians
Previously, students and their guardians were required to demonstrate access to AUD 21,041 to cover their living costs for a 12-month period. However, the new requirement has increased to AUD 24,505. This adjustment acknowledges the rising costs of accommodation, food, transportation, and other essentials in Australia.
Partners Coming with You
For partners accompanying international students, the previous 12-month living cost requirement was AUD 7,362. This has been updated to AUD 8,574. Partners are expected to contribute financially to their living expenses, and this increase reflects the government’s commitment to ensuring that families can maintain a reasonable standard of living.
A Child Coming with You
Families with children also need to account for their living costs while studying in Australia. Previously, the 12-month living cost requirement for a child coming with their parents was AUD 3,152. It has now been adjusted to AUD 3,670. This change acknowledges the additional expenses associated with raising a child and providing for their needs.
The rationale for the Changes: The adjustments in the 12-month living cost requirements are driven by several factors:
Inflation: As with any country, Australia experiences inflation, which gradually increases the cost of goods and services. The updated living cost requirements aim to keep pace with these rising expenses.
Quality of Life: Australia is committed to offering a high quality of life to international students and their families. The adjustments in living cost requirements are designed to ensure that families can afford a comfortable lifestyle during their stay.
Economic Factors: Changes in the economic landscape, such as shifts in currency exchange rates and fluctuations in the job market, can impact the cost of living. These adjustments help account for such fluctuations.
Conclusion
For international students and their families planning to study in Australia, understanding and meeting the 12-month living cost requirements is crucial. The recent updates to these requirements, effective from October 1, 2023, reflect the Australian government’s commitment to providing a safe and comfortable environment for international students and their families.
Aspiring students and their families should plan their finances accordingly, keeping in mind these new living cost figures. Adequate financial preparation will not only help in meeting visa requirements but also ensure a smooth and enjoyable experience while studying in Australia.