SYDNEY: The Australian government announced on Tuesday the introduction of a new innovation visa designed to attract exceptionally talented workers. This new visa will replace the investor migrant program, which the government argued had minimal economic benefits.
The changes, part of the annual budget presented by Treasurer Jim Chalmers, signify a broad overhaul of Australia’s migration system. The aim is to attract skilled workers and top talent while simultaneously reducing overall immigration.
The new innovation visa will also replace the Global Talent visa program, which ends in late 2024. The government emphasized that the new visa aims “to target exceptionally talented migrants who will drive growth in sectors of national importance.” The Business Innovation and Investment visa program (BIIP), known as the golden visa, which offers a pathway to permanent residency through investment, will be discontinued.
The center-left Labor government is responding to growing calls to curb migration, as a post-pandemic influx of students and other arrivals has exacerbated an already tight rental market, contributing to inflation.
To address these concerns, the government is increasing scrutiny on student visas and will introduce a ballot system for the popular work and holiday visa for applicants from China, Vietnam, and India starting in the fiscal year ending June 2025.
These measures are expected to help reduce net overseas immigration from 528,000 arrivals in 2022-23 to 260,000 in 2024-25.
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At Phoenix Business Advisory, we specialize in navigating the complexities of business migration to Australia, the USA, and the UAE. With the recent changes in Australia’s visa policies, it’s more important than ever to have expert guidance on your side. Our team of experienced consultants can help you understand and leverage the new innovation visa, ensuring you can successfully migrate and contribute to key sectors of national importance.
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Don’t navigate these changes alone. Book a consultation with Phoenix Business Advisory today and secure your future in Australia’s dynamic business landscape.
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