Australia’s latest Innovation Visa to allure skilled professionals

Surya Rathee
[Published 29 Jun, 2024 | 02:55 PM]
About Author - 5 min read
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In a major move to entice skilled overseas professionals, the Government of Australia has announced the launching of the Innovation Visa. The latest Australia Visa for skilled professionals will be a replacement for the contentious Business Innovation and Investment Program that was censured for scarce benefits to the economy.

The Innovation Visa seeks to attract extraordinarily talented overseas workers. Australia also has a Skilled Nominated Subclass 190 Visa that aims to entice skilled workers. The launch was formally announced by Jim Charles the Treasurer of Australia in the yearly budget. It was under a broader revamping of the immigration system in Australia. This also includes suitable changes to the Australia Skilled Occupation List.

The Government of Australia is seeking to increase the number of highly skilled workers to cater to the gaps in the labor market. Meanwhile, it also needs to balance the demand-supply ratio in terms of housing and infrastructure facilities. Already the nation is witnessing inflation.

Talk to an Expert

Among diverse initiatives, the Government is seeking to enhance the scrutiny of Study Visas. Further, a fresh ballot system will be launched for the renowned Work and Holiday Visa for applicants from India, China, and Vietnam. It will become effective from fiscal year 2025 in June.

In the fiscal year 2022-23, the net immigration reached a high of 528,000 arrivals. It is aimed to reduce the number to around 260,000 for the fiscal year 2024-25. The objective is to harmonize the demand for skilled workers with the need for controlling population growth and the effect on housing.

Focus on Industry, Tech, and Agriculture

The National Talent and Innovation Visa acknowledges the expertise of professionals in diverse industries. This is inclusive of the ever-expanding Tech sector that has been the chief propellant of the immigration of Indians to Australia. Furthermore, the new Visa also caters to skilled workers in the development of Agriculture and Industries and broadens the talent acquisition scope.

The launch of the Innovation Visa is perceived as a proactive measure to allure high-caliber talent across the globe. The initiative is anticipated to benefit diverse sectors like travel as skilled workers also transfer innovation and expertise to Australia.

The Travel sector particularly stands to gain from the talent influx that also may result in enhancing services and advancements in travel technology.

The latest approach to immigration in Australia highlights its commitment to fostering a dynamic and robust economy. The nation aims to stay competitive globally by prioritizing skilled workers while also catering to economic challenges domestically.

Existing BIIP Applicants not affected

Industry experts are optimistic about the revival of entrepreneur and business-focused immigration programs while BIIP is being ended. They look forward to revamping of Business Visas to entice high-caliber entrepreneurs and investors globally. This is through a highly effective and streamlined pathway for business immigrants.

However, those who already have the Subclass 188 Visa and fulfill the eligibility criteria for BIIP Subclass 888 /PR Visa will not be affected by the changes. They can continue to progress to PR status even after 2024 July.

Immigration Industry stakeholders view this as a positive initiative for a highly efficient migration system. They consider that while BIIP did attract entrepreneurs and investors, it was highly complex and inefficient.

Conclusion

On the whole, the immigration strategy in Australia is transitioning towards a highly targeted approach. The priority is skilled workers who can directly contribute towards the economic prosperity of the nation.

The swiftly expanding economy of Australia is facing a scarcity of skilled workers and it has prompted the launch of the Innovation Visa. It will take the place of the Global Talent Program which offers an Australian PR Visa pathway to skilled workers.

The Department of Home Affairs in Australia will make suitable arrangements to make sure that the rest of the applicants are not affected.

The BIIP - Business Innovation and Investment Program will be ended by July 2024. Its allocation of PR Visa will also be decreased to 1000 from 1900. Candidates seeking to withdraw their BIIP applications can file a refund application from September 2024.

If you wish to know more about the latest Australia National Talent and Innovation Visa or apply for an Australia PR Visa, contact the Best Immigration Consultants in Hyderabad Nationwide Visas.