May 24th, 2024 at 05:20 am

6 Major Updates for International Students and Migrants in the Australian Budget 2024

The Australian budget for 2024–2025 includes important adjustments for migrants and international students. The Australian government has made several significant modifications to the budget for the fiscal year 2024–2025 that would impact immigrants and international students. This blog update will cover the following topics:

1. Limiting the number of foreign students
2. Lowering of the permanent migration ceiling
3. Adjustment for net overseas migration
4. Modifications to Subclass 482 of the Temporary Skills Shortage Visa
5. Launch of the MATES program for citizens of India
6. A new voting procedure for Subclass 462 of the Working Holiday Visa

Detailed Overview of the Major Updates

1. Capping International Student Numbers

The number of international students that Australian universities can accept will be capped by the government. This bill requires institutions to build more housing for students to address the housing crisis. The new rules would ease pressure on housing prices and rental expenses by requiring colleges to construct more housing for both domestic and foreign students.

2. Reduction in Permanent Migration Cap

For the upcoming fiscal year, the quota on permanent migration will be lowered from 190,000 to 185,000 spots. 132,000 places are included in this skilled stream. The number of slots available for the Skilled Independent Visa category would drop significantly from 32,100 to 16,900. The government’s efforts to strike a balance between migration and social and economic requirements are reflected in this decrease.

3. Net Overseas Migration Adjustment

The administration anticipates a return to pre-pandemic levels of net foreign migration. The number of migrants is expected to drop from 528,000 in 2022–2023 to 260,000 in the fiscal year 2024–2025. The purpose of this modification is to guarantee sustainable resource management and reduce population growth.

4. Changes to Temporary Skills Shortage Visa Subclass 482

The two-year work experience requirement for the Temporary Skills Shortage Visa Subclass 482 will be lowered to one year beginning November 23, 2024. This modification would alleviate labor shortages in vital industries by making it simpler for skilled people to be eligible for this visa.

5. Introduction of MATES Program for Indian Nationals

Under the Mobility Arrangement for Talented Early Professionals Scheme (MATES), 3,000 Indian professionals and graduates would be able to reside and work in Australia for a maximum of two years starting on November 1, 2024. Candidates with a bachelor’s degree or above in subjects like engineering, artificial intelligence, or renewable energy must be under thirty years old. This visa will be granted through a ballot mechanism and does not require sponsorship.

6. New Ballot System for Working Holiday Visa Subclass 462

For applicants from China, India, and Vietnam seeking a Working Holiday Visa Subclass 462, a new $25 ballot method will be implemented. The goal of this system is to control demand and expedite these applications’ processing times. Although the precise date of implementation is not yet known, it is anticipated to occur during the 2024–2025 fiscal year.

These changes demonstrate the government’s calculated approach to housing issues, promoting economic growth, and regulating migration. Keep an eye out for updates and make sure you are aware of any changes to Australian immigration laws.