Australian 2024-25 budget update – What’s relevant for immigration?
The 2024-25 budget & immigration measures
The Australian treasurer has delivered the budget for the 2024-25 financial year (FY). The FY runs from 1 July to 30 June.
A whole raft of changes have been announced. With a focus on actions to ease the cost of living and a housing shortage.
Key immigration measures outlined in the budget include the following.
Net Overseas Migration
As part of addressing this the government have plans to reduce net overseas migration by half in 2024-25 — from 528,000 to 260,000.
Permanent Migration program – Skilled stream numbers
The permanent migration cap for 2024-25 will be 185,000. Of these places 132,200 places will be allocated to the skilled stream.
National Innovation Visa to replace the Global Talent & BIIP program
The Global Talent (Subclass 858) & Business Innovation and Investment (BIIP) visa (Subclass 188) programs are to be replaced by the National Innovation visa.
The National Innovation Visa will be introduced in late 2024. This visa will target talented migrants – such as entrepreneurs & major investors – in key sectors. The details of the visa are yet to be confirmed.
Subclass 482 changes – required work experience reduced
Work experience requirements for the Temporary Skill Shortage visa (Subclass 482) will be reduced from two years to one year from 23 November 2024.
Student Visas
The government will propose a numbers of legislation changes for international students. These include:
- capping the number of international students that can be enrolled by the education providers (colleges & universities)
- allowing education providers to go over these caps if they invest in student-specific accommodation
- significant application fees increases
Theses changes are in addition to recent announcements that applicants will also have to meet higher English language requirements, as well as financial capacity evidence.
Our view
It appears clear that there will be opportunities for talented people, business & investors who can contribute to Australia in key skill shortage areas and target sectors.
It’s likely that those that work in healthcare and STEM will have more opportunities than others. Education and trade/construction workers too.
It doesn’t necessarily mean there won’t be opportunities for others. However you will have to be ready to act. These will likely be through state/territory nominated visas – Subclass 190 & 491. Or employer sponsored visas such as the Subclass 482.
As some of the the states/territories have exhausted their 2023-34 allocations, they will be eagerly waiting their 2024-25 cap. Applicants should look out for these state/territory announcements as we get closer to the 1st July 2024.
Business owners & investors have had reduced visa opportunities in recent years. Culminating in the formal closure of the BIIP program. Whilst the details are yet to be released, the National Innovation visa will be warmly welcomed.
In particular the target sectors will be eagerly awaited. Whether these will mirror the recent target sectors under the Global Talent visa remains to be seen.
Whether there is a pathway for investors also be keenly watched. Especially as the recent Australia migration review suggested that the BIIP pathway for major investors, e.g. $5m AUD+, provided a favourable outcome for Australia. A continuation of an investment pathway would be warmly welcomed. It would also allow Australia to continue to offer a pathway that competing migrant countries provide.
If you would like would like to discuss the budget, or any matter raised, please Contact Us.
