Business
Australia Raises International Student Visa Fees by 225% to Manage Migration
Australia has raised student visa application fees from $710 to $1,600, effective July 1, 2024. This 225% increase makes Australia the most expensive country for student visa applications, surpassing costs in the United States (approximately US$185) and Canada (C$150 or US$110).
Government Strategy
This fee hike is part of Australia’s strategy to manage high migration levels that have put pressure on the housing market. Despite international education contributing $36.4 billion to the economy in 2022-2023, the government is implementing measures to balance the influx of international students with the country’s capacity to accommodate them.
Key Changes
- Visa Fee Increase:
- Student visa fee: $1,600
- Additional charges for accompanying family members: $1,445 for each person aged 18 and over, and $390 for those under 18.
- Restrictions on Onshore Applications:
- Visitor visa holders and students on temporary graduate visas are now prohibited from applying for student visas while in Australia.
- Increased Funding Requirements:
- International students must now demonstrate funds of at least $29,710, up from $24,505. This is about $5,000 higher than what is required for a Canadian study permit application and aligns with 75% of Australia’s national minimum wage.
- Tightening Visa Regulations:
- Measures have been introduced to close loopholes that allowed international students to overstay their visas. This move addresses the significant rise in students on second or subsequent student visas, which exceeded 150,000 in the 2022-2023 period.
Government’s Perspective
Clare O’Neil, the Australian Minister for Home Affairs and Cyber Security, stated that these changes are intended to restore integrity to the international education system and create a more manageable migration framework. The new measures aim to ensure that the benefits of international education are balanced with the country’s capacity to handle high immigration levels.
Impact and Monitoring
The impact of these changes on the international student market and Australia’s economy will be closely monitored. The government’s actions are designed to sustain the benefits of international education while maintaining a fair and sustainable migration system.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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