Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Amendment (LIN 24/042) Specification 2024 dated 2 May 2024 amends Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Instrument 2019 to revise and increase the amount of funds required to be evidenced by an applicant seeking to satisfy the primary criteria for the grant of a Subclass 500 visa, secondary criteria for the grant of a Subclass 500 visa, or primary criteria for the grant of a Subclass 590 visa, if required to do so by the Minister.
The revised amount of funds for the purpose of evidencing financial capacity by an applicant for a Subclass 500 or Subclass 590 visa reflect the current cost of living pressures these visa holders will be subject to once they arrive in Australia.
Previously, these figures were adjusted based on the Consumer Price Index but the current figures are based on a new methodology, calculated as a proportion of the Australian National Minimum Wage. The National Minimum Wage is the minimum amount an employer must pay an employee. It is a reasonable approach to ensure that visa holders can support themselves at a standard comparable to the lowest paid Australian worker.
The instrument increases the following annual living costs and expenses:
- The amount of living costs and expenses required for a student or guardian has been increased from AUD24,505 to AUD29,710
- The living costs required for a spouse or de facto partner of an applicant has been an increased from AUD8,574 to AUD10,394
- The living costs required for each dependent child has been increased from AUD3,670 to AUD4,449
- The annual school costs required for each school-aged dependent child has been increased from AUD9,661 to AUD13,502
- The personal annual income required for a primary applicant if there is no secondary applicant has been increased from AUD72,465 to AUD87,856
- The personal annual income required for a primary applicant where there is a secondary applicant has been increased from AUD84,543 to AUD102,500.
The instrument is registered on the Federal Register of Legislation on 9th May 2024. It is currently in force. To access the instrument, click here.
