On May 9, 2023, the Australian Government released its 2023-24 Federal Budget, which included significant changes affecting international students, permanent and temporary skilled workers, and their families.
This budget includes a series of steps targeted at revitalizing skilled migration to satisfy the growing need for skilled labor and to enhance the country's economy, in keeping with the government's evolving migration plan. These policies are intended to improve outcomes for both skilled migrants and Australian workers.
Cautious Optimism: Unveiling the 2023-24 Federal Budget for Australia's Economic Recovery
Treasurer Jim Chalmers provided the 2023-24 Federal Budget on May 9, 2023, which was systematically created to address severe economic barriers such as rising interest rates, inflation, and the rising cost of living. This budget includes a $4.2 billion surplus, the first in 15 years, thanks to positive factors like high commodity prices, a solid labor market, and increased short-term migration.
Looking beyond the immediate financial situation, the long-term outlook is promising. Interest expenditure savings and the National Disability Insurance Scheme (NDIS) are expected to strengthen the budget's structural condition during the next decade. Gross debt is expected to peak 10.4% points lower, five years earlier than originally predicted in the October Budget.
Furthermore, the 2023-24 Budget shows a significant improvement in the Federal Government's budgetary position compared to the October Budget, owing principally to much increased revenues from personal and corporate taxes.
Comprehensive Breakdown of the 2023-24 Permanent Migration Program
The Permanent Migration Programme 2023-24 is aimed at filling out 190,000 job posts, with a particular focus on skilled migrants. The composition of the programme is around 70% skilled visas and 30% family visas.
The Skill stream allocation includes 137,100 positions, accounting for 72% of the whole programme.
The Family stream is expected to receive 52,500 spots, accounting for 28% of the programme. It should be noted that the Partner and Child visa categories are determined by demand and are not subject to a cap.
The size of the family stream has been maintained, indicating the government's commitment to family reunion and recognising the important role that all migrants play in establishing family and community links in Australia, contributing to social cohesiveness.
Policy Framework for the 2023-24 Permanent Migration Program
Continuing to develop a pool of highly qualified domestic workers, the Permanent Migration Programme is critical to improving our resilience, increasing productivity, and assisting the economy's transition to net-zero emissions.
This programme is also in response to the issues that an aging population presents. Migrants, who are often younger than the existing Australian population, contribute to lowering the average age of the population and slowing the rate of population aging.
A well-targeted, skill-focused Migration Programme augments the working-age population, resulting in higher participation rates and a larger labor force.
Furthermore, the Permanent Migration Programme provides migrants with the security of permanence, ensuring that no migrant is permanently displaced. As a result, in a highly competitive global talent landscape, Australia's appeal to migrants grows.
The enhanced likelihood of permanent residency motivates migrants to integrate into the Australian community as soon as possible, including personal investments in skills, human capital, and social relationships.
Skilled Independent Visa
The Permanent Migration Programme for 2023-24 has set aside 30,375 slots for Skilled Independent visas, which is remarkably equivalent to the 32,100 spots granted in the programme for 2022-23.
The drop in allocation for this category in 2023-24 is due to the closing of the New Zealand subclass 189 (Skilled - Independent) visa stream beginning July 1, 2023. This modification is the outcome of a new direct pathway to citizenship for Special Category Visa holders who meet the citizenship requirements.
Nonetheless, the allowance for the Skilled Independent visa category's points-tested component has increased from 25,600 positions in 2022-23 to 30,175 posts in 2023-24. The remaining Hong Kong pathway allotment stands at 200 slots.
Skilled Independent visas are provided to migrants who have high human capital, qualifications, and abilities that can help address longer-term structural changes and labor skill shortages. Check out the top class visa services in Melbourne, Sydney, and other parts of Australia provided by PFEC Global, let the new trends of the world be in favor of you with us!
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Frequently Asked Questions (FAQs)
What is the Australian quota for 2023 and 2024?
Answer: The Australian government announced the 2023-24 Permanent Migration Programme on August 24, 2023, reverting to pre-COVID-19 statistics. The Family stream will account for 52,500 of the total 190,000 seats available (28% of the programme), while the Skill stream will obtain 137,000 positions (72%).
Is Australia accepting skilled migrants?
Answer: Australia is actively looking for skilled and experienced people from all over the world to fill certain skill gaps. There are several ways to get Australian residency, each geared to individuals with slightly different circumstances.
What are the minimum points for Australian PR 2023?
Answer: A minimum score of 75 points is required to apply for an Australian permanent residency visa through the General Skilled Migration (GSM) programme. It should be noted that attaining the 75-point level does not guarantee approval of a permanent resident visa.
