In an apparent attempt to limit record migration, Australia reportedly declared that the financial requirements for international student visas would be significantly raised.

In order to be eligible for a visa, international students must now demonstrate that they have saved at least A$29,710 ($19,576).

The new financial requirement rule will go into force on Friday.

This is the second increase in about seven months, following a previous hike to A$24,505 from A$21,041 in October.

The Australian government also increased English language requirements for student visas in March this year.

The authorities have also been implementing policies to prevent students from prolonging their stay through various loopholes.

The changes come amid broader efforts to tighten student visa rules, as the lifting of COVID-19 restrictions in 2022 triggered a surge in migration, contributing to the strain on Australia’s rental market.

Australia’s intensified scrutiny of student visas could particularly impact students from India, the second-largest source country for international student enrollments in Australia.

The latest rule related to stringent financial requirements also comes amidst allegations of targeted visa refusals directed at Indian applicants, raising concerns about potential strains on bilateral relations.

Visas granted to Indian students registered a 48 percent decline between December 2022 and December 2023, according to reports.

The record levels of migration have reportedly placed considerable pressure on the Australian government.

Net immigration surged by 60 percent to a record 548,800 individuals in the year leading up to September 30, 2023.