Hammond Migration

The 2024 Federal Budget, announced on the evening of 14 May 2024, introduces significant changes to Australia’s migration policies to improve processes and address global and economic dynamics. Here is a summary of the key initiatives and amendments from the budget.

 

Mobility Arrangement for Talented Early-Professionals Scheme (MATES)

Commencing on 1 November 2024, the MATES program will allow 3,000 Indian graduates and early-career professionals, aged between 18 and 30, who possess skills in specified fields, to live and work in Australia for up to two years. The program includes $25 pre-application (ballot) fee and a $365 application fee, both subject to future consumer price index adjustments.

 

Permanent Migration Program

For the 2024-25 financial year, the government has set the permanent migration program’s planning level at 185,000 places, with around 70% (132,200 places) allocated to the skilled stream. From the 2025-26 financial year onwards, the planning horizon for the permanent migration program will be extended from one year to four years. Net overseas migration is expected to decrease significantly, from 528,000 in 2022-23 to 260,000 by 2024-25.

 

Skilled and Business Migration

The National Innovation visa will replace the current Subclass 858 Global Talent visa by late 2024, targeting exceptionally skilled migrants in key sectors essential for national development. The Business Innovation and Investment visa program (BIIP) will be phased out, with refunds available from September 2024 for those withdrawing their applications.

Additionally, the work experience requirement for the Subclass 482 Temporary Skill Shortage visa will be reduced from two years to one year starting 23 November 2024.

 

Revised Visa Policies for Specific Countries

From the 2024-25 financial year, the Subclass 462 Work and Holiday visa program will introduce a pre-application (ballot) process for nationals from China, Vietnam, and India, with a $25 ballot charge to manage demand and streamline processing times The Subclass 600 Visitor visa – Business Visitor Stream for Indian nationals will now be valid for up to five years, an increase from the previous limit of three years.

 

Technological Advances in Migration Services

The budget also allocates funds for Trades Recognition Australia (TRA) to develop an advanced ICT solution for trade skills assessment. This initiative aims to enhance the migration process’s efficiency, ensuring skilled workers can more swiftly meet employer requirements.

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