Australia overhauls immigration system with new Innovation Visa
Australian government announced on Tuesday the introduction of a new innovation visa to attract exceptionally talented workers, replacing a controversial investor migrant program deemed economically ineffective.
The changes, revealed in the annual budget by Treasurer Jim Chalmers, form part of a comprehensive overhaul of Australia's migration system aimed at drawing skilled workers and top talent while curbing overall immigration.
Think you check all the immigration boxes? Find out
The new visa will replace the Global Talent visa program, which is set to end in late 2024. The government emphasized its goal «to target exceptionally talented migrants who will drive growth in sectors of national importance.»
The termination of the Business Innovation and Investment visa program (BIIP), also known as the golden visa, marks a significant shift as it previously offered a path to permanent residency through investment.
(Join our ETNRI WhatsApp channel for all the latest updates)
This decision comes amid increasing demands for the centre-left Labor government to limit migration. A post-pandemic surge in students and other arrivals has worsened an already strained rental market, contributing to higher inflation rates.
Australia announces changes to its Temporary Graduate Visa programs
Record immigration is colliding with housing crises across the world
Immigration Wrap 2023: The world wants more foreign workers, but only the highly skilled ones
In response, the government is intensifying
