2024-25 Australia Budget: Immigration Overhaul!

The Australian government released its 2024-25 budget last night. The budget presents a few striking takeaways but notably impacts international students.

Key takeaways:

1. From 1 July 2023, applying for an Australian visa will be more expensive.
2. The skilled workers stream will account for 70% of all visas allocated in the 2023-24 Migration Program.
3. Australian student visa work restrictions will be capped at 48 hours per fortnight starting 1 July 2023.
4. Temporary Graduate visa holders with select degrees will gain an extra two years of post-study work rights.

Starting next financial year (2025), several significant changes are set to take place in Australia’s visa policies. Firstly, applicants from China, Vietnam, and India will now be eligible for a $25 ballot for working and holiday visas. This will open up new opportunities for individuals from these countries. Additionally, a new program is being introduced that will allow 3,000 Indian graduates and early-career professionals to live and work in Australia for up to two years, promoting cultural exchange and skill development. Another key change includes improved pathways to permanent residency (PR) for Temporary Skill Shortage (TSS) (subclass 482) visa holders, offering more stability and security for skilled workers. Lastly, more funds will be allocated to continue clearing the backlog in visa application processing, aiming to streamline the process and reduce waiting times for applicants. These changes reflect Australia’s commitment to enhancing its visa system and fostering stronger ties with key international partners.

As per the Australia immigration news, net overseas migration is forecast to halve to 260,000 in 2024-25, and the government plans to cap the permanent migration program at 185,000 places over the next financial year. Of these, 132,200 places will be allocated to skilled working visas.

While most economists agree that immigration is important for economic growth, it continues to be the scapegoat for political issues such as the housing crisis and inflation. 

The budget includes a cap on the number of international students each of the 1,400 universities and colleges registered to teach overseas students can enroll. This cap will be tied to the amount of student accommodation a university provides. This move risks damaging Australia’s reputation as a top destination for international students, potentially making Australia less attractive than Canada and the US, highlights the Australia immigration news.

International students, who generated $1.89 billion across all regions in Australia, often work part-time in jobs that Australians typically avoid. The new caps and increased costs may significantly impact these students, who rely on part-time work to support themselves while studying.