Cost of Living for International Students in Australia: Recent Changes 2024

Australia has consistently attracted international students for its excellent education system and relatively affordable living expenses compared to Western counterparts such as the UK, Canada, and the USA. Nevertheless, recent economic changes are increasing the cost of living for students in Australia.

Financial Resources Needed to Obtain an Australian Student Visa

To secure an Australian Student Visa, prospective students must ensure they have sufficient funds to cover various expenses, including:

12 months of course fees
12 months' living expenses for the primary applicant and any accompanying family members
School fees for dependent children attending school in Australia
Travel costs

Understanding the minimum required funds to meet these financial capacity requirements is crucial for those considering studying in Australia.

	Financial capacity requirements before 10th May 2024	Financial capacity requirements after 10th May 2024
Primary applicant	AUD 24,505	AUD 29,710
Spouse or de facto partner of the primary applicant (not applicable to Student Guardian applicant)	AUD 8,574	AUD 10,394
Dependent Child	AUD 3,670	AUD 4,449
Annual School costs	AUD 9, 661	AUD 13, 502
Personal annual income if there is no member of the family	AUD 72,465	AUD 87, 856
Personal annual income where there is a member of the family unit	AUD 84,543	AUD 102,500

Below is an additional comparison chart illustrating the living expenses necessary for students to study in renowned destinations abroad

Country name	Financial Capacity Requirement
US	US$12,000 - 15,000 (INR 1002001 - INR 12,52,501) approx.
UK	GBP 10,000 - GBP 12,000 (INR 10,42,344 - INR 12,50,812 approx.
Australia	AUD 29,710 (INR 16,29,746) approx.
Canada	CDN$20,635 (INR 12,54,713) approx.

Help Me To Study in Australia

Proof of Sufficient Funds for Studying in Australia

Ensuring you have ample funds to cover living expenses in Australia is essential. When applying for the visa, the Home Affairs department will request that you disclose and provide evidence of the minimum funds required for visa purposes. It's important to note that the actual cost of living varies across Australia and is typically higher than the minimum visa requirement. Therefore, individuals should research where they intend to reside and understand the cost of living.

Below are the options available to demonstrate that you possess adequate funds to sustain yourself in Australia:

Deposit of funds into your bank account from an approved financial institution
Loan secured from an authorised financial institution
Government-sponsored loan
Scholarships or additional avenues of financial support

I want to know more about studying in Australia

Annual earnings

To demonstrate sufficient funds for your stay and studies in Australia, you can present evidence indicating that either your partner or parents earned an annual income of AUD 87,856 in the twelve months preceding your application. If any accompanying family members are joining you in Australia, the combined income of your parents or partner must be AUD 102,500 in the twelve months before the application. In cases where both parents are employed, their combined income is considered, supported by bank statements or direct verification from their employer.

Conclusion

In conclusion, realising your aspiration to pursue higher education in Australia necessitates having adequate financial resources available to support you. By furnishing the necessary evidence and securing the visa, you are poised to embark on a rewarding educational journey in Australia.

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