What changed
The Department of Home Affairs raised the financial capacity benchmark for the Subclass 500 student visa to AUD 29,710 for a single primary applicant, effective 10 May 2024. This figure represents the minimum living-cost funds an applicant must be able to demonstrate for the first 12 months of study, and it continues to apply to applications lodged through 2025 and 2026.
What the requirement covers
The AUD 29,710 is for living costs only. Applicants must additionally show genuine access to funds covering course tuition for the relevant period and travel or relocation costs. Funds must be verifiable in readily accessible accounts or approved sources; simply claiming support is not sufficient.
What it means for students
Indian applicants and their sponsors should prepare well-documented evidence of savings, education loans or income covering living costs plus tuition and travel. Under the Genuine Student requirement that replaced the Genuine Temporary Entrant test, weak or poorly evidenced financials are a common cause of refusal.