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Breaking News: Australia Raises Temporary Skilled Migration Income Threshold (TSMIT) to $73,150

As Australia gears up for significant updates in its skilled migration program, our team at Techvisa are here as your trusted ally, committed to keeping you informed and prepared for the changes ahead.

From July 1, 2024, the Temporary Skilled Migration Income Threshold (TSMIT) is set to rise from $70,000 to $73,150, reflecting the government’s dedication to maintaining a robust migration landscape.

So what is the Temporary Skilled Migration Threshold (TSMIT)?

Serving as the minimum salary requirement for skilled migrants, it guarantees fair compensation and protects both workers and the Australian labour market. Essentially, it’s a safeguard against exploitation and a measure to maintain the integrity of Australia’s workforce.

TL;DR – What you need to know as a Sponsoring Employer

For Australian companies sponsoring overseas talent, new nominations post-July 1, 2024, must adhere to the updated threshold of $73,150 or the corresponding market salary rate – whichever is higher.

As the migration landscape evolves, we remain committed to empowering our clients ensuring successful migration outcomes. We urge employers to proactively review and revise salary budgets, ensuring alignment with the impending TSMIT. Additionally, updating Labour Market Testing (LMT) procedures are key, guaranteeing compliance with refreshed regulations and facilitating seamless recruitment processes.

Be sure to GET IN TOUCH with our team of experts if you have any questions regarding these changes