It’s that time of the year where we hold our breath to see the major changes the government will be introducing to Australia’s immigration system over the next financial year. This one is solid, so strap in.

The last few years have been predominantly focused on rebuilding the Australian economy post-COVID, at any cost. Migration numbers soared, and understandably so – we were in damage control as the country suffered one of the worst skill shortages in history.

So what’s on the horizon for the next few years – It looking more like a calculated, strategic moving forward.

Reduction in Net Overseas Migration:

Following a staggering net overseas migration intake of 528,000 in 2022-23, the Treasury is predicting a drop to 395,000 in 2023-24, plummeting further to 260,000 in the 2024-25 fiscal year.

Permanent Migration Program Planning Levels:

The Permanent Migration Planning Levels will be comprised of the following:

• Skill stream= 132,200 (71% of total allocation)
• Family stream= 52,500 (28% of total allocation) – The bulk of the family stream visas will be allocated to Partner Visas (40,500).

A Predictable Horizon:

As the current system stands, migration planning levels are assessed and updated on an annual basis. From 2025/26, planning levels will be set for a four year period, providing transparency and allowing for better long term forecasting.

Big changes for the Temporary Skill Shortage (TSS) Subclass 482 Visa Program:

Brace yourself for more changes to the Temporary Skill Shortage (TSS) Subclass 482 Visa Program. The latest changes to the TSS program is the reduction in the work experience requirement. From November 23, 2024, the Government will slash the work experience prerequisite for the Temporary Skill Shortage (subclass 482) visa from two years to one year for all applicants.

This will essentially give Australian Graduates who are the holder of a 2-year Post-Graduate (Subclass 485) a solid pathway towards the 482 Visa Program. Also, will this result in a huge reduction of Subclass 407 Training Visas? Only time will tell…

The Global Talent Program (GTI) is changing:

We have seen a significant slow down in the Global Talent Program over the last couple of years, with an impending change inevitable. From late 2024 the Global Talent Program will be replaced by the National Innovation Visa, with a similar approach of attracting exceptional individuals to drive growth in sectors of national importance. The finer details are yet to be disclosed, but stay tuned as we will be keeping a close eye on this and posting regular updates.

The Business Innovation & Investment Visa Program has ceased:

The Business Innovation and Investment visa program (BIIP) will come to an end, in line with a cash injection of $1.4million to restructure the program and introduce a new visa program. Refunds of the visa application fee will be honoured starting September 2024 for anyone opting to retract their BIIP application.

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