Who are the Winners for the 2024-2025 EOI Invitation Round
Highlights
This year's Permanent Migration Program is set at 185,000 places, with a notable shift in focus from the Subclass 189 visa to the Subclass 190 and Subclass 491 visas, indicating a strategic pivot to state and regional sponsorships. As the Subclass 189 quota is reduced, aspiring migrants are increasingly eyeing opportunities through state-nominated pathways. At the same time, allocations for each state remain pending, promising a dynamic and competitive landscape for prospective applicants.
Who are the winners?
Employer-sponsored visas have increased
Skilled Independent Visa has been cut by almost half
State-nominated and Regional visas have also increased
Overall, the 2024-2025 invitation round indicates that the government aims to fuel skill shortages and encourage migrants to Regional areas.
Post-Study Work Stream Changes
The Post-Study Work stream is set to change the name to the Post-Higher Education Work stream. Here are other changes you need to remember:
The maximum age for this stream will be reduced to 35 years of age or under at the time of application
However, Master’s (research) and PhD Graduates, along with Hong Kong and British National Overseas (BNO) passport holders will continue to be eligible for this stream until 50 years of age at the time of application.
Updated - Increase in the Temporary Skilled Migration Income Threshold (TSMIT) to $73,150
In a significant update to Australia’s skilled migration program, the Temporary Skilled Migration Income Threshold (TSMIT) is set to increase from $70,000 to $73,150, effective from 1 July 2024. This adjustment reflects the Australian Government’s ongoing commitment to enhancing the skilled migration framework, a commitment first highlighted during the Jobs and Skills Summit in September 2022.
Key Details of the TSMIT Increase:
Effective Date: The new TSMIT of $73,150 will come into effect on 1 July 2024.
Application Requirements: From this date forward, all new nomination applications must meet the new TSMIT of $73,150 or the annual market salary rate, whichever is higher. This ensures that skilled migrants are fairly compensated in line with market conditions and the cost of living.
Impact on Existing Visa Holders: Importantly, this change will not affect existing visa holders or nominations lodged before 1 July 2024. These individuals will continue to operate under the previous TSMIT of $70,000.
Implications for Employers and Migrants:
For employers, this change means that when nominating skilled workers for temporary visas, they will need to ensure that the offered salaries align with the new threshold or the prevailing market rates. This could potentially increase labor costs but is also likely to attract a higher caliber of skilled workers.
For prospective migrants, meeting the new TSMIT criteria will be essential for visa eligibility. This increase underscores the value Australia places on skilled workers and aims to maintain a competitive edge in the global talent market.
How can we help you?
As the implementation date approaches, both employers and skilled migrants should stay informed about the specific requirements and prepare accordingly to ensure compliance and successful visa outcomes. Since these changes are yet to be finalized, securing expert guidance becomes a crucial element in your visa application. Start your visa process with people you could trust.
