The Budget 2024 has introduced several reforms in the Australian migration policies and trends.
A comprehensive analysis of the impact of national budget 2024 on immigration policies and trends is given below:
Drop in Net Overseas Migration
The net overseas migration numbers are expected to decrease significantly, from 528,000 to 260,000 by 2024-25.
Allocation of132,200 spots to skilled workers
Out of 185,000 places 70 % have been allocated to skilled stream. The planning horizon for the permanent Migration Program will also be extended to delivering a better managed migration system from one year to four years.
Streamlining Work & Holiday Visa Program
Starting in the 2024–25, the government will implement a visa pre-application ballot system for the capped Work and Holiday (subclass 462) visa program for applicants from China, Vietnam, and India. This ballot system aims to better manage demand and streamline application processing times for these countries. A ballot fee of $25 will be introduced, which will be adjusted annually in line with the Consumer Price Index.
New mobility pathway for Indian graduates and early career professionals
The Government will implement a new Mobility Arrangement for Talented Early-professionals Scheme (MATES) program for Indian nationals from 1 November 2024. MATES will provide a new mobility pathway for 3,000 Indian graduates and early career professionals between the age of 18 to 30 years (at the time of application), with knowledge and skills in targeted fields of study to live and work in Australia for up to two years.
Extension of Business Visitor visa for Indian Nationals upto 5 Years
The validity of the Visitor visa (subclass 600) Business Visitor stream for Indian nationals from up to three years to up to five years.
New National Innovation Visa to replace Global Talent Visa
The current Global Talent visa (subclass 858) will be replaced by a new National innovation Visa by late 2024, to target exceptionally talented migrants who will drive growth in sectors of national importance.
Business Innovation and Investment visa program to be discontinued
The Business Innovation and Investment visa program (BIIP) will end and the applicants withdrawing their BIIP application will receive the refunds of the visa application charge from September 2024.
Reduction in the work experience requirement for Temporary Skill Shortage (sc482) visa
From 23 November 2024 onwards, the work experience requirement for the Temporary Skill Shortage (subclass 482) visa will be reduced from two years to just one year for all applicants.
Introducing Administrative Review Tribunal to replace AAT to address migration backlogs
Investment of $1.0 billion to establish and support the new Administrative Review Tribunal (ART), which will replace the Administrative Appeals Tribunal (AAT), and to alleviate court backlogs associated with high numbers of applications for judicial review of migration decisions.
Extending support to temporary visa holders
The Escaping Violence Payment trial and Temporary Visa Holders Experiencing Violence Pilot will be extended until 30 June 2025, with the commencement of a new Leaving Violence Program in mid-2025. The allocation of funds in national budgets plays a crucial role in shaping immigration policies and trends. Australian Budget 2024 aims to deliver a better managed migration system in order to drive greater economic prosperity and restore its integrity.