#Copied
Australian Budget for FY 2024-25 Delivered Today
Here's a quick rundown of what you need to know from today's proposed changes.
Overall Migration is Slowing Down:
• Overall Net Overseas Migration to be cut down to 260,000 for 2024-25 (in comparison to 528,000 in 2022-23 and 395,000 in 2023-24) meaning coming years will be really tough and hard for student visas.
• Net overseas migration is getting cut significantly, meaning fewer visa spots overall. This might make student visas stricter.
Skilled Migration Has a Brighter Outlook:
• The number of skilled migration spots is staying relatively stable. Permanent migration set to 185,000 for 2024-2025 slightly lower than 190,000 in 2023-24. Skilled migration planned at 132,200 (as compared to 137,100 in 2023-24). with considerably reduced backlog, overall picture for skilled migration will be much better that previous FY in my opinion.
• Almost same permanent migration and skilled migration planning levels, and overall really reduced Net Overseas Migration (NOM), will result in more strict and regulated student visas. Which might result in more tougher circumstances for.
MATES for Indian Mates:
• A new migration program termed as Mates wils be introduced for indian early career graduates enabling them to live and work in Australia for 2 years with nominal VAC though balloting system. More details to come. Longer Visitor Visa spans for Indian nationals under Migration Mobility Partnership Agreement (MMPA). Good news
Funding to DHA for Migration Reforms:
• $8.3 million allocation to DOH for migration reforms in 2024-25 as compared to $8.5 million in 2023-24 which means overall system will improve resulting in comparatively better and smooth processing times. (Who knows 😉 )
Multi Year Migration Planning:
• As proposed in December 2023 policy guidelines, government seems like shifting focus from Year-to-Year planning strategy to multi year migration plannings to streamline migration system.
Some Changes to Visas:
• Global Talent Visa (SC 858) will be replaced with National Innovation Visa to fast-pace growth in nationally critical sectors.
• BIIP (Business Innovation and Investment Program) will cease from Sep 2024, with VAC refunds to applicants willing willing to withdraw their SC 188 application. More updates yet to come
• Work experience requirements for 482 TSS proposed to be reduced to 1 year from current requirement of 2 years w.e.f. 23 Nov 2024.
My take: The coming year looks slightly better for skilled migrants (including general skilled migration and employer sponsored streams) , but student visas might be tougher. If you're aiming to study and settle in Australia, make sure you have a clear plan. Time to set your long term goals!
Let's hope for a good year ahead. Good luck to all those who are on this road. See you in Australia