Highlights of the 2024 Federal Budget – More to Come !
For 2024- 25, The Australian Government plans to allow 185,000 people to migrate permanently to Australia. Out of these, 132,200 spots (about 70%) are reserved for skilled workers. As a result of the implementation of the new migration strategy, the number of people moving to Australia is expected to decrease by 110.000 from July 12024. Therefore, net overseas migration is predicted to fall from 528,000 in 2022 – 2023 to 260,000 in 2024- 2025.
Work and Holiday visa – China, Vietnam, and India:
From 2024 – 25, the Government will start a lottery system for the limited number of Work and Holiday (subclass 462) visas available to people from China, Vietnam and India. This lottery will help manage the high demand and speed up processing times. There will be $ 25 fee to enter the lottery, which will be indexed to the Consumer Price Index each year.
Validity of Business Visitor visas for Indian nationals:
The validity of the Visitor visa (Subclass 600) Business Visitor stream for Indian nationals will be extended from 3 to 5 years.
MATES program for Indian Nationals:
Starting 1st November 2024, The Australian Government will launch the Mobility Arrangement for Talented Early – professionals Scheme (MATES) for Indian nationals. This program will allow 3,000 India graduates and early career professionals (aged 18 to 30) with skills in specific fields to live and work in Australia for up to two years. There will be a $ 25 fee to enter the pre application lottery and an application fee of $ 365, both of which will be adjusted to inflation in the future years.
National Innovation Visa:
Starting late 2024, the Australian Government will introduce a new National Innovation visa. This visa will replace the current Global Talent visa (subclass 858). This new visa will target exceptionally talented migrants who can drive growth in key sectors of national importance.
Reduced work experience requirement for Temporary Skill Shortage (TSS) (Subclass 482 visa):
Starting 23rd November 2024, the Australian Government will reduce the work experience requirements for the TSS (Subclass 482 visa) from two years to one year.