Only if u planning on staying on, RM300-400k is for 2 years+ which allows you to have a higher chance for permanent residency. But it is very hard to enter now as compared to 2 years ago. If u really want to stay in Australia you'd need to spend more than RM500k and work hard.

If money is important to your parents please plan well. If u plan to just study there and come back home then let your parents know in advance. If u want to study overseas it's not necessary to spend 2 years + on it. Try 6 months 1 year programs.

source: Spent RM300-400k and 2 years for masters in Australia.