News
Two of the main Australia work visa classes are set to undergo changes later this year with work experience requirements for a popular temporary visa slashed and the Business Innovation and Investment Program (BIIP) ceasing altogether.
Applicants for the BIIP visa (subclass 188) will be entitled to a refund in most cases if applications are withdrawn and the Global Talent visa (subclass 858) will be replaced by a new National Innovation visa.
The 858 and 188 visas will begin to be phased out later in the year and although details of the National Innovation visa are hazy, it is purportedly aimed at attracting “exceptionally talented migrants who will drive growth in sectors of national importance”.
Another major change involves the Temporary Skill Shortage visa (subclass 482). The total amount of work experience required to apply for this visa will reduce from two years to one year from November 23 with an increase in payments and receipts expected over the next four financial years.
The changes reflect the findings of the Federal Government’s Migration Review that the previous innovation-style visa program in place in Australia did not deliver on the economic and fiscal outcomes it had set out to achieve with the Government setting aside an additional $1.4 million in the FY2024-25 federal budget for “necessary system changes”.
Treasurer Jim Chalmers said the changes were needed for Australia to manage its recent spike in population growth.
“I think most people would recognise that migration has got an important role to play in our economy but it needs to be well-managed and we need to make sure that we can manage the pressures,” Chalmers said.
“We’re seeing a substantial moderation in inflation in the forecasts and in the last couple of years as well, and that is largely because of how we’re managing the budget, but it will also be increasingly about how we’re managing the population.”