Australian Federal Budget 2024/25: Key impacts
As announced in the Australia’s Federal Budget for 2024/25, the Permanent Migration Program planning levels have been adversely affected, with a significant reduction in the quota available for the General Skilled Migration Skilled Independent Subclass 189 visa category.
This cutback is likely to impact many prospective applicants who were hoping to secure permanent residency in Australia independently without a sponsor or the support of a State or Territory. However, it is not all bad news, as certain types of prospective applicants might stand a better chance of obtaining an Australian visa in 2024/25.
Good news for State/Territory Nominated Subclass 190 prospective applicants as the visa quota will increase from 30,400 to 33,000, meaning that States/Territories can invite more applicants. Applicants will need to consider how best to align their skillset with the relevant State/Territory requirements, be it in terms of residency, employment or education. Applicants who are living and working in the State/Territory will likely be prioritised.
Good news for Skilled Work Regional Subclass 491 prospective applicants as the visa quota will also similarly increase from 32,300 to 33,000. Applicants who are living and working in regional areas will stand a better chance of being invited to apply for this visa.
Good news for Employer Sponsored Subclass 482, 186 and 187 prospective applicants as the visa quota will increase from 36,825 to 44,000. Coupled with the upcoming reduction of the pre-application work experience for the TSS Subclass 482 visa being reduced from 2 years to 1 year from 23 November 2024, this opens up the visa to more applicants. However, as the employer sponsorship program is expected to undergo a significant revamp starting from mid-2024, we will have to wait to assess the combined effect of all these changes on prospective employer sponsored applicants.
Bad news for Skilled Independent Subclass 189 prospective applicants as the visa quota will drop from 30,375 to 16,900. This will affect the number of invitations being issued, and could mean that only priority occupations will be invited.
Bad news for Business Innovation and Investment Program Subclass 188 prospective applicants. The BIIP will be permanently closed, and pending visa applications might be capped and ceased. Instead, the BIIP will be replaced with a new National Innovation visa, which will also replace the current Global Talent Subclass 858 visa. More details are expected in late 2024.
No Change for family-related (Partner, Parent, Child and Other Family) visas, the total visa quota of 52,500 remains the same. Depending on the number of applications, processing times could still vary according to demand and ministerial directions on prioritisation of processing.
In order to capitalise on what these changes could mean for you, contact us now to start planning.
Verge Legal provides legal advice in all states in Australia, contact us today if you need assistance.
This blog post provides general information and is not intended as legal advice. It may not be complete or up-to-date. For specific legal advice, please consult a qualified lawyer.