The Australian Government has released its first full budget for 2023-2024 financial year. Let’s discuss together all the upcoming changes in the program size and composition in order to help you determine an indicative action plan.
The 2023-24 Migration Program has been designed to address persistent and emerging skills shortages and support the transition to a net-zero emissions economy by attracting specialist skillsets that are difficult to find or develop in Australia.
So, the planning level for the 2023-24 permanent Migration Program will be set at 190,000 places, where about 70% of places are allocated to the skilled migration stream.
Special Eligibility stream has been increased 4 times to 400 places. This stream covers visas for those in special circumstances, including permanent residents returning to Australia after a period overseas.
What else will change from 1 July 2023:
1) Government visa application charges will increase:
2) The Temporary Skilled Migration Income Threshold will increase from the current rate of $53,900 to $70,000 from 1 July 2023. This applies to new applications submitted after 01/07/2023, but will not affect applications submitted before 01/07/2023.
3) Temporary Graduate visa holders with selected degrees will be eligible for an extra 2 years of post-study work rights to improve the pipeline of skilled labour in key sectors from 1 July 2023.
4) The working hour cap for international student visa holders will be changed from 1 July 2023. At the same time, it will be increased by 8 hours from pre-pandemic levels to 48 hours per fortnight. However, international students working in the aged care sector will be exempt from the capped fortnightly work hour limit until 31 December 2023.
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