Australia is reevaluating its immigration system, introducing a new visa for skilled workers and phasing out the investor migrant program to tackle housing issues and stimulate economic growth.
The Australian government has introduced an innovation visa program to attract skilled workers to boost economic growth. This move marks a significant shift from the previous investor migrant program, which was deemed to provide minimal economic benefits, according to Treasurer Jim Chalmers during the annual budget presentation.
The Australian Innovation Visa
Program, which replaced an earlier program that was investment-focused, is an
immigration policy designed to draw highly educated migrants in industries
critical to Australia's economic growth.
The Global Talent visa program, which is scheduled to expire in late 2024, has been replaced by a new innovation visa scheme implemented by the Australian government. The goal of the new visa is to draw in highly skilled immigrants who will boost domestic industries and contribute significantly to Australia's economic progress.
The boom in students and temporary
visa holders has put a strain on housing availability and increased inflation,
thus the government is prioritizing skilled personnel to lower immigration
numbers in Australia.
The Business Innovation and Investment Visa Program (BIIP), a "golden visa" that offered permanent residency pathways for sizeable Australian investments, is officially being phased out, according to the announcement.
Beginning with the 2024–25 fiscal
year, the Australian government is stepping up its efforts to limit immigration
by enforcing more scrutiny for student visas and instituting a voting system
for the well-liked work and holiday visa program for applicants from China,
Vietnam, and India.
The administration intends to use a variety of measures to reduce net foreign migration from 528,000 in 2022–2023 to about 260,000 in 2024–2025.
Australia is changing its
immigration policies in an attempt to draw in qualified workers for economic
growth, albeit it is too early to tell how well the new innovation visa program
will work or how lower immigration levels would affect certain industries.
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