Australia's 2023~2024 fiscal year budget is officially announced!
In the 2023-24 fiscal year, the latest immigration quota is 190,000, of which 137,100 places (about 70%) are allocated to skilled immigrants to help end Australia's long-term skills demand.
01
The total immigration quota is 190,000
Skilled immigration is given priority
The overall immigration quota for the 2023-2024 fiscal year is 190,000, of which 70% (137,000) will be allocated to skilled immigrants to ensure that the immigration system provides the skilled immigrants needed to address the continuing skills shortage.
In addition, from 1 July 2023, the income threshold for temporary skilled migration will be raised from the current A$53,900 to A$70,000.
Specific measures include:
? Allocating around 70 per cent of the 2023-2024 Permanent Migration Program to skilled migrants, delivering long-term fiscal and economic benefits and addressing persistent skills shortages;
? providing temporary graduate visa holders with certain degrees with an additional two years of post-study work rights to improve the skilled labor pool in key industries;
? Increase the income threshold for temporary skilled migration to 70,000 Australian dollars to ensure that skilled migration settings are more targeted;
? exempt international students working in the aged care industry from the fortnightly working hours limit until 31 December 2023;
? Additional training places for Pacific Australian Labor Mobility Scheme workers in priority sectors in the Pacific and Timor-Leste, as well as Australian employment shortage sectors.
02
Investment immigration retention
Up to 40% increase in visa fees
The investment immigration category is retained, but the investment immigrant visa fee has skyrocketed by 40%.
From July 1, 2023:
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Improvements to Temporary Skill Shortage (TSS) 482 visas
Apply for permanent residence pathway
The Government will improve the permanent residence pathway for Temporary Skill Shortage (TSS) (subclass 482) visa holders.
? Restrictions on TSS short-term visa holders obtaining permanent residence through the Employer Nomination Scheme (subclass 186) visa will be lifted;
? The restriction on one-time domestic renewal of the short-term TSS visa will also be removed.
04
Adjustment of student visa and working hours
There will also be adjustments regarding graduation visas for international students and working hours for international students:
? From July 1, 2023, the government will give international graduates who have obtained qualifications in Australian higher education institutions an additional two years of post-study work rights to strengthen the reserve of skilled labor.
? The working hours cap for international student visa holders will resume from July 1, 2023, after being lifted during the COVID-19 pandemic, the cap will be increased by 8 hours per fortnight from pre-pandemic levels to 48 hours.
? International students working in the aged care sector will not be subject to the 48-hour fortnight work restriction until 31 December 2023.
05
Visa backlog problem
As part of the budget, the government announced it would spend A$75.8 million over two years, 2023-2024, to expand the current surge in visa processing resources, ensure timely visa processing and improve existing visa processing systems.
It can be seen that the Australian government is working hard to optimize the immigration system in the new fiscal year, focusing on skilled immigration. The Australian government is also robbing talents!
From the cradle to the end of life, Australia is one of the earliest countries in the world to implement a social security system. The benefits and subsidies cover all age groups and social fields. Living in Australia has a high sense of happiness.
Now is the time when there is a shortage of people in Australia, especially technical talents are in urgent need. Investors should seize the opportunity, Xiaoxing will continue to bring you the latest information.
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