From tomorrow, 24 October 2019, applicants will need to show they have access to a higher level of funds or income to cover annual living costs in Australia. The increased costs/income are as follows:

Living costs

For a 12 month period, applicants must show:

  • $21,041: main applicant
  • $7,362: partner or spouse
  • $3,152: for each dependent child
  • $8,296: schooling costs for dependent children

Income Requirement

As an alternative to showing funds, you spouse or your parents can provide evidence of their taxable income in the 12 months prior to application. The minimum income required is as follows:

  • $62,222: single applicant
  • $72,592: applicant with dependents

Evidence of Financial Capacity

Acceptable evidence of financial capacity includes

  • money deposit with a financial institution;
  • loan with a financial institution;
  • government loans
  • scholarship or financial support.

For income, evidence must be official Government documentation of personal income (i.e. Tax assessment notices) that has been issued in the 12 months immediately before the application is made.