Budget 2022-23 Australia forecast to increase net migration by 40,000
Since Australia has started to re-open its borders on 1st November 2021 over one million people have already entered. Aside from Australians returning home, students, skilled visa holders and skilled workers have started to ease the skills shortage employers have been facing.
Building on this need for skilled migrants, with the new financial year starting 1st July 2022, Australia has forecast their fastest rebound in net migration in history. This will be driven by an increase of 40,000 places across the skilled migration programs from the 2021-22 financial year.
Consequently net overseas migration has been revised for 2021-22 from about minus 40,000 to plus 41,000 for the 2022-2023 financial year.
These net migration numbers are forecast to continue rising. To 80,000 in 2022-23 and 213,000 in 2023-24. It will ultimately return to pre-pandemic numbers of 235,000 in the years following this.
The main beneficiaries of this increase are likely be seen in employer sponsored applications, the skilled independent program and the State/Territory Nominated visas.
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