The Victorian Government has announced a $45 million International Student Emergency Relief Fund to help international students hit hard by the coronavirus pandemic.

A one-off payment of up to $1,100 will be made available per student for up to 40,000 international students at universities, TAFEs and language colleges in Victoria who can prove they have lost wages due to the pandemic.

More than 150,000 international students currently living in Victoria are also eligible for the Victorian Government’s rent relief program, including subsidies of up to $2,000.

International students have been hit hard by the pandemic with many impacted by casual job losses in retail and hospitality but falling through the cracks of Federal Government financial support programs, like JobKeeper and JobSeeker payments.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Get $100 cashback bonus with ING when you open & activate an Orange Everyday & Savings Maximiser bundle. The offer is available until 15/02/2025. Eligibility & T&C's Apply.
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Savings Maximiser

  • Get $100 cashback bonus with ING when you open & activate an Orange Everyday & Savings Maximiser bundle. The offer is available until 15/02/2025. Eligibility & T&C's Apply.
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Use code EASY30 to score $30*
  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
Use code EASY30 to score $30*

Save Account

  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
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Online Savings - Premium Saver

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    020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    HomeME Savings Account (<$100k)

      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Growth Saver

        01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Virgin Money Boost Saver

          01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver Account

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver

              0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              mySaver

                000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Simple Saver

                  4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Netsave Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Online Savings Account

                      3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      HSBC Everyday Savings Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Incentive Saver Account

                          4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bankwest Easy Saver

                            0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Incentive Saver Account

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Growth Saver Account

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of January 21, 2025. View disclaimer.

                                Important Information and Comparison Rate Warning

                                International education in Victoria is estimated to have lost $5.8 billion since the outbreak of the virus, while the sector is believed to have taken a 50% hit.

                                Modelling from the Mitchell Institute shows that $2 billion in annual tuition fees will be wiped from the sector as international students are unable to travel to Australia to start their courses for 2020's second semester.

                                Data from the Australian Bureau of Statistics (ABS) shows that for every $1 lost in university tuition fees, another $1.15 is lost in the broader economy because of international student spending. 

                                This means the Australian economy could be set to lose more than $40 billion in the sector by 2023 because of reduced numbers of international students.

                                Last financial year, the international education sector brought in $12.6 billion in revenue for Victoria.

                                Minister for Jobs, Innovation and Trade Martin Pakula said it's important to support international students.

                                “International students give so much to Victoria – it’s only fair we support them in their hour of need," Mr Pakula said.

                                “This virus doesn’t discriminate and neither do we – we are in this together and we will get through it together.”

                                International students in Victoria can register their interest to apply for the support payments here.