Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Amendment (LIN 24/042) Specification 2024 amends Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Instrument 2019 to increase the financial capacity requirement applicable to Student (Sc 500) visas and Student Guardian (Sc 590) visas.
The amended figures are based on a new methodology, calculated as a proportion of the Australian National Minimum Wage. The adjusted figures result in an increase of approximately 21 percent from the previous figures.
Please refer to the table below for the funds (AUD) required to meet the minimum financial capacity requirements after 10 May 2024 in comparison to the minimum financial capacity requirements prior to 10 May 2024:
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 | |
| primary applicant | $ 24,505 | $ 29,710 |
| spouse or de facto partner of Sc 500 primary applicant (this does not apply to Sc 590) | $ 8,574 | $10,394 |
| Dependent child | $3,670 | $4,449 |
| Annual school costs | $ 9,661 | $13,502 |
| personal annual income if there is no member of the family unit | $72,465 | $87,856 |
| personal annual income where there is a member of the family unit | $ 84,543 | $102,500 |
This instrument commences on 10 May 2024. The amendments made by this instrument apply in relation to an application for a Student (Temporary) (Class TU) visa made on or after 10 May 2024.
The Department’s website has also been updated to include an article on the increase to the minimum financial capacity requirements for Student (Sc 500) and Student Guardian (Sc 590) visas.