As part of its overall Migration Strategy, the 2024-25 federal budget has brought significant updates to Australia’s Migration Program. Below are the key takeaways for the next financial year:
The overall permanent Migration Program has been capped at 185,000 places. The key change is that the focus for migration has centred on the country’s workforce needs with a significant focus on skills, allotting 132,200 places to the Skill stream. The Skill stream includes both employer sponsored and independent skilled permanent visas.
In response to labour shortages and the value of retaining skilled workers, there’s a beneficial change in the Temporary Skill Shortage (subclass 482) visa. From 23 November 2024, the work experience requirement will be reduced from two years to one year – a move welcomed by both employers and visa holders.
For temporary visa holders experiencing domestic violence, the budget includes a pledge of $16.5 million over five years to ensure they have access to legal support, underscoring a commitment to provide aid to vulnerable populations within the migration system.
The Global Talent visa will be replaced by a new National Innovation visa, aimed at drawing exceptionally skilled migrants in sectors that are pivotal for the country’s innovation and technological advancement.
A new mobility pathway will be introduced for 3,000 Indian graduates and professionals in early careers to reside and work in Australia for up to two years, focusing on youth and skills in high-demand areas.
With the aim to streamline processes and tackle case backlogs, the budget sets aside $1 billion over five years to establish the Administrative Review Tribunal, which will take over from the existing Administrative Appeals Tribunal (AAT).
Reflective of the broader Migration Strategy there will be a notable decrease in the net overseas migration numbers; with a forecasted reduction to 395,000 in 2023-24 and a further decline to 260,000 in 2024-25, indicating a more selective approach to migration flows based on national interest and labour market demands.
Please reach out to our team for assistance with any of the above changes.
If you would like to access skilled migrants for your business or client, Job Capital makes it easy with its Visa and Migration Services that allow it to sponsor and hire international talent and on-hire them to you. There are many benefits to these services.
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