With the 2022- 2023 budget announcement this week, Australia’s migration program is set to experience major expansion for the first time since 2019. This marks a major opportunity for employers and employees on their path to access visa and residency opportunities.
With the effects of the Covid-19 pandemic, increases in the migration of skilled workers, particularly to fast-growing tech sectors, has been noted as a key step to economic rebound. Net migration in 2020 was at an all-time low of 89,000 people; however, budget changes are expected to increase this figure to 213,000 by 2024
Australia’s migration levels will soon increase to the rates experienced pre-pandemic, increasing back up to 160,000 people. Of this, skilled workers will represent almost three-quarters of the total intake. This update to inbound numbers is expected to relieve growing skills shortages, mainly for relevant and booming tech sectors such as cyber security. This will include a focus of 70% on skilled migration (subclass 189 & 190), employer nominated visas (subclass 186) and regional programs (494,491).
For employers hoping to utilise these increases, sponsored TSS/ 482 visas will remain open to any company needing to employ skilled employees. Employers can continue to elect these paths to solve skilled labour shortages, which are set to only grow more popular with migration expansions. Skilled occupations will still be determined by the existing ANZSCO list, with the hope of an update in the coming 1-2 financial years.
In response to these increases, the federal government is set to decrease the rates of Global Talent Independent Visas down to just around 8,500 for the coming financial year. The program was previously capped at 15,000 for the 2020–2021 financial year, and these changes occur despite demand surging above the number of available places.
The Federal Government is expected to revise these caps in coming years to above 190,000.
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Techvisa can provide personalised migration services for both employers and employees. If you have any questions on how the new Federal Budget will impact you, please get in touch with the Techvisa team.