@leahkim for student visa, mas mahigpit sila sa English requirement and usually requires IETS Academic instead of the General, pero afaik, hindi naman nagkakalayo yung dalawa sa difficulty..
yes, you will need the show money as what i have read from other forums, i may be wrong, but you can refer to this website for all the information about the student visa:
https://www.border.gov.au/Trav/Visa/Appl/Student