Migration Guru provides this summary of the 2024 Federal Budget for its readers:
Permanent Migration Program
The Government has set the 2024–25 permanent Migration Program planning level at 185,000 places, with 132,200 places (around 70%) allocated to the Skill stream. From 2025–26, the Government will extend the planning horizon for the permanent Migration Program from one year to four years (Budget Paper 2, p. 8). These actions, part of the Migration Strategy, aim to deliver a better-managed migration system.
Government actions are estimated to reduce net overseas migration by 110,000 people over the forward estimates from 1 July 2024. Net overseas migration is forecast to approximately halve from 528,000 in 2022–23 to 260,000 in 2024–25 (Budget Paper 1, p. 24).
Work and Holiday Visa – China, Vietnam, and India
Starting in 2024–25, the Government will introduce a visa pre-application (ballot) process for the capped Work and Holiday (subclass 462) visa program for China, Vietnam, and India. This ballot process aims to manage program demand and application processing times for these countries. A ballot charge of $25, indexed to the Consumer Price Index in future years, will apply (Budget Paper 1, p. 9).
Mobility Arrangement for Talented Early-professionals Scheme (MATES)
From 1 November 2024, the Government will implement the new Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian nationals. MATES will provide a new mobility pathway for 3,000 Indian graduates and early career professionals (aged 18 to 30 years at the time of application) with knowledge and skills in targeted fields of study, allowing them to live and work in Australia for up to two years. The visa will have a pre-application (ballot) charge of $25 and an application charge of $365, both indexed to the Consumer Price Index in future years (Budget Paper 2, p. 7).
Extending the Validity of the Business Visitor Visa for Indian Nationals
The validity of the Visitor visa (subclass 600) Business Visitor stream for Indian nationals will be extended from up to three years to up to five years. This measure is estimated to increase receipts by $435.0 million and increase payments by $70.9 million over five years from 2023–24.
National Innovation Visa
The Government will introduce a new National Innovation visa, replacing the current Global Talent visa (subclass 858) from late 2024. This visa will target exceptionally talented migrants who can drive growth in sectors of national importance.
Business Innovation and Investment Visa Program (BIIP)
The Business Innovation and Investment visa program (BIIP) will cease, with refunds of the visa application charge provided from September 2024 for those who wish to withdraw their BIIP application (Budget Paper 2, p. 136).
Temporary Skill Shortage (subclass 482) Visa
From 23 November 2024, the Government will reduce the work experience requirement for the Temporary Skill Shortage (subclass 482) visa from two years to one year for all applicants (Budget Paper 2, p. 136).
For further details on these changes or any other immigration-related inquiries, please contact Migration Guru. Our experienced team is here to assist you with expert advice and support. Readers are encouraged to follow us on Facebook for all the updates.
