Uncovering the 2023 Federal Budget and Its Implications on Australian Migration"
Highlights
From 1st July 2023, student visa work restrictions set at 48 hours per fortnight
Temporary graduate visa holders with eligible degrees are granted additional two-year work rights
In the upcoming 2023–24 Permanent Migration Program, the Albanese Government remains steadfast with 190,000 allocated places. Anticipated net overseas migration figures project a surge of up to 400,000 places this year, followed by an estimated 315,000 in 2023–24.
Visa fees to get more expensive
To bolster revenue, the government has announced a significant increase of 6 percentage points in Visa Application Charges (VACs), surpassing regular indexation. This adjustment will take effect from 1st July 2023. Although most visa types becoming costlier, Pacific Engagement Visa and Pacific Australia Labour Mobility scheme visas will be exempt from these fee increases.
Skill stream will dominate 2023-24 Migration Program
The government's objective is to guarantee that the migration system meets the demand for skilled migrants to address enduring skills shortages. To achieve this, approximately 70 percent of the places in the 2023-24 Permanent Migration Program will be allocated to the Skill stream.
Furthermore, the government intends to enhance the attraction of skilled migrants who possess complementary skills to the Australian workforce by resetting the income threshold.
In pursuit of this goal, starting from 1st July 2023, the government plans to raise the Temporary Skilled Migration Income Threshold (TSMIT) from its current level of $53,900 to $70,000.
Student visa work restrictions set at 48 hours per fortnight
As stated in the budget paper, starting from 1st July 2023, the work hour limit for international student visa holders, which was temporarily lifted during the COVID-19 pandemic, will be reintroduced. Notably, the cap will be raised by 8 hours from its pre-pandemic levels, allowing students to work up to 48 hours per fortnight.
However, international students engaged in the aged care sector will be granted an exemption from the 48-hour per fortnight work limit until 31st December 2023.
The government also highlights its commitment to enhancing job readiness and outcomes for international students. It aims to achieve this by establishing faster pathways to permanent residency for skilled graduates. The government intends to reduce the duration that international students spend on bridging visas, facilitating smoother transitions into their desired career paths.
Additional two-year work rights
To bolster the availability of skilled labor in vital sectors, the government is committed to granting an additional two years of post-study work rights specifically to Temporary Graduate visa holders who have completed select degrees. This measure aims to enhance the pipeline of skilled professionals in key industries.
Qualifications for the 2 years extension
Meet all the eligibility criteria for the Post-Study Work stream of the Temporary Graduate visa
Occupation must be on the list of eligible occupations released by the Department of Home Affairs (note: the list is flexible and subject to changes)
Hold a valid Temporary Graduate visa (subclass 485) on 1 July 2023, or apply for a Temporary Graduate visa before or after 1 July 2023
As the article may include certain aspects that could be unclear to a significant number of readers, we highly recommend seeking assistance from our certified migration experts. Their guidance will help you prioritize and navigate your migration journey with ease. While there are various approaches to initiate your visa application process, it is crucial to embark on the correct path from the outset.
