Australia will implement a new National Innovation visa to attract highly skilled migrants. The Australian government has rolled out several new initiatives aimed at addressing immigration and the enrollment of foreign students, particularly focusing on their housing and accommodation needs. The Federal Budget 2024–25, revealed on May 14, 2024, outlines the measures to be implemented for the benefit of international students and migrants.
The government is restructuring Australia’s migration system to bolster economic prosperity and uphold its integrity, putting into effect measures outlined in the Migration Strategy. This Budget prioritizes skills in demand, with approximately 70 percent of the permanent Migration Program dedicated to skilled visa categories.
The government is also set to introduce a new National Innovation visa aimed at attracting highly skilled migrants, which will replace both the Global Talent visa and the Business Innovation and Investment visa. These measures complement ongoing reforms being crafted for the points test utilized for specific skilled visas.
The Government has marginally decreased the planned quota for the Global Talent Visa Program to 4,000 visas for the 2024–25 Migration Program. The Global Talent visa is designed for exceptionally skilled and distinguished individuals capable of enhancing Australia’s reputation in their respective fields.
This planned quota is in line with the Government’s overarching reforms concerning talent and innovation, taking into consideration the final year of the Global Talent visa program as it moves towards new arrangements utilizing the upcoming National Innovation visa. With the new visa, the Government aims to establish a permanent pathway for exceptionally talented migrants, including top-performing entrepreneurs, significant investors, and leading researchers on a global scale. Visas granted under the National Innovation program in 2024-25 will be included in the Global Talent visa Program count.
Government initiatives are expected to decrease net overseas migration by 110,000 individuals over the forward estimates starting from July 1, 2024. Net overseas migration is projected to nearly halve from 528,000 in 2022–23 to 260,000 in 2024–25. Looking ahead, net overseas migration is forecasted to be 235,000 in both 2026–27 and 2027–28.
The Government plans to establish the 2024–25 permanent Migration Program quota at 185,000 positions, with approximately 70 percent (132,200 places) designated for the Skill stream.
Starting from 2025–26, the Government intends to lengthen the planning duration for the permanent Migration Program from one year to four years. Maintaining approximately 70 percent of positions for the Skill stream will assist in tackling Australia’s enduring skill requirements. Extending the planning horizon for the permanent Migration Program from one year to four years will facilitate improved cross-government planning in the years ahead.
The Government will allocate $1.8 million to Implement streamlined skills assessments for approximately 1,900 migrants from similar nations who seek employment in Australia’s housing construction sector.
International Students
As part of the response to the Australian Universities Accord, the Government will collaborate with universities to enhance the availability of student housing, by restricting international student enrollments based on criteria such as the provision of student accommodation. The new commitment for this initiative is $2.1 million over four years, starting from 2024-25.
The Government will enforce regulatory standards to ensure that universities offer more purpose-built student accommodation (PBSA). This measure aims to augment the housing supply and mitigate the impact of rising international student numbers on the domestic housing market.
Following consultations with the sector, the Government will establish quotas for international student enrollments at each university, considering factors such as their provision of student accommodation. Universities will be mandated to develop new, purpose-built student accommodation if they seek to exceed their initial allocation of international student enrollments. Any newly constructed accommodation will be accessible to both local and international students. This reform aims to increase student housing, alleviate pressure on housing prices and rents in urban areas, and sustain the benefits universities derive from the international student market.
