June 13, 2024

Australian Federal Budget 2024 – 2025 Key Updates

The Australian Federal Budget was announced on May 14, 2024. Several reforms have been planned for skilled migrants, such as the National Innovation Visa, cutting back on work experiences, and allocating more budgets to immigration-related programs, promising to usher brighter days for migration systems.

Prepare to discover the opportunities that will turn your Australian dream life into a reality!


Skilled Migration Takes Center Stage

For the fiscal year 2024-25, the Australian government has prioritized skilled migration in its permanent migration program. Out of the 185,000 spots planned, over 70% (132,200 spots) are allocated to the skill stream. The goal is to tackle the labor market needs and boost their economic growth by recruiting highly qualified individuals who can contribute to key industries.


Reduced work Experience Prerequisites

The government will lower the work experience requirement for the Temporary Skill Shortage (subclass 482) visa from two years to just one year, effective November 23, 2024, onwards, expecting to increase the pool of skilled and eligible visa applicants with an anticipated surge in receipts and expenditures.


Four-Year Planning Horizon 

For improved stability and predictability, the government will implement a new strategy starting in 2025-26, expanding the permanent migration programs planning horizon to 4 years from 1 year, enabling better planning for both government and potential migrants and resource allocation due to this expanded time frame.


Investing In improvements 

The Australian government has allocated $18.3 million over the next four years to reinforce its immigration framework. Some of their key initiatives are as follows- 

  • Information and Education Initiatives ($15 million): Spread across three years, this initiative aims to equip migrants with adequate knowledge and skills to comprehensively understand their legal rights, workplace integrity, safety procedures, and immigration conformity.
  • Data Matching Pilot Program ( $1.9 million ): Addressing the exploitation of migrant workers and safeguarding the integrity of their labor market and migration framework.

The goal is to protect the rights and well-being of all migrant workers while upholding the integrity of the Australian Immigration system.


Opportunity for Indian Nationals.

The announcements contain some exciting news for Indian Nationals. At least 3,000 graduates and early career professionals between the ages of 18 and 30 will be provided employment opportunities in Australia for a duration of two years.

This opportunity is put forth by the Mobility and Talent Exchange Scheme (MATES), recruiting those with expertise in specific fields of study.

Additionally, the Australian government has increased the visa validity of Subclass 600 for Indian business visitors to 5 years. This is to attract skilled Indian talent to contribute to the Australian workforce while strengthening their ties with the Indian front.


National Innovation Visa and BIIP Update 

The government is all set to introduce a revised National Innovation Visa aimed at attracting and inviting exceptionally skilled migrants who can spur development in sectors of national significance. 

Furthermore, applicants withdrawing from the Business Innovation and Investment Visa Program (BIIP) applications can expect refunds starting in September 2024. The conclusion of the BIIP program signals a shift in focus toward other visa programs for business investment.

This update focuses on revealing the new streamlined immigration system, which highlights the Australian government’s commitment to and prioritization of skilled migration, protection of workers’ rights, migrant integration, and economic growth. Stay tuned for further updates!

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