On May 14, 2024, the Australian Government announced its Federal Budget and outlined the Permanent Migration Program Levels for 2024–2025. Under this program, 185,000 seats have been allocated for migrants, with 70% reserved for skilled immigrants.
A key highlight of the budget is the introduction of the new National Innovation Visa, set to replace the Global Talent Visa and Business Innovation and Investment Visa streams by the end of 2024. This visa aims to “target exceptionally talented migrants who will drive growth in sectors of national importance.”
Changes to Visa Programs
Closure of the Business Innovation and Investment Visa
By July 2024, the Business Innovation and Investment Visa (BIIP) will be permanently closed. This move signifies a shift in Australia’s migration strategy, focusing on attracting high-caliber talent to boost sectors vital to the nation’s economic growth.
Introduction of the National Innovation Visa
The new National Innovation Visa will replace the Global Talent Visa and the BIIP, aiming to attract exceptionally skilled migrants. This visa is designed to ensure that these individuals can significantly contribute to the Australian economy by driving growth in key sectors.
Key Details of the 2024–25 Permanent Migration Program
Reduced Global Talent Visa Slots
For the fiscal year 2024–2025, the number of slots for the Global Talent Visa will be reduced from 5,000 to 4,000. This adjustment aligns with the broader changes in the migration program, emphasizing the new National Innovation Visa.
Processing of Existing Applications
The Department of Home Affairs has assured that current candidates under the Global Talent Visa will not be negatively impacted by this transition. These applicants will be evaluated based on the eligibility criteria in place at the time of their application submission.
Refunds for BIIP Applicants
Starting in September 2024, applicants who wish to withdraw their BIIP applications will be able to refund their application fees. This policy provides a clear path for those who may be affected by the closure of the BIIP.
Objectives of the National Innovation Visa
Targeting Key Sectors
The National Innovation Visa is designed to attract migrants who can invest in and contribute to crucial sectors of the Australian economy. By focusing on areas of national importance, the visa aims to foster growth and innovation.
Enhancing Economic Outcomes
The government will scrutinize the eligibility criteria for the National Innovation Visa to ensure it attracts individuals who can deliver strong economic outcomes. This approach aligns with Australia’s broader economic goals, addressing post-pandemic challenges such as rental market pressures and inflation.
Supporting Knowledge Sharing and International Links
This new visa will provide a channel for highly skilled individuals to share their expertise and establish international market connections. This initiative underscores Australia’s commitment to leveraging global talent to bolster its economy.
Conclusion
The introduction of the National Innovation Visa marks a significant shift in Australia’s migration strategy. By targeting exceptionally talented migrants who can drive growth in key sectors, the Australian Government aims to enhance the nation’s economic resilience and innovation capacity. As the country navigates post-pandemic challenges, this new visa program represents a forward-thinking approach to securing Australia’s economic future.