Immigration Updates – TSMIT Increase, Federal Budget Update, CSOL Consultation

From 1^st July 2024, the TSMIT will increase from $70,000 to $73,150.

New nomination applications (Subclass 482 and Subclass 186) lodged from the 1^st July 2024 will need to meet the new TSMIT of $73,150 or the annual market salary rate, whichever is higher.

This change will not affect existing visa holders and nominations lodged before the 1^st July 2024.

Following a massive net overseas migration intake of 528,000 in 2022/2023, it is predicted that net overseas migration will drop to 395,000 in 2023/2024 and further in 2024/2025 to 260,000.

The migration planning levels are assessed on a yearly basis, from 2025/2026 these planning levels will be set for a four year period, allowing transparency for better long term forecasting.

• Permanent Migration program will be capped at 185,000 places for the 2024/2025 year, with 132,000 places allocated to the skilled stream, and 52,500 allocated to the family stream, the bulk of which will be available for the partner visa stream (40,500)
• $18.3m investment over four years for further reform to drive economic prosperity and restore the integrity of Australia’s visa program.

The Governments vision is to get migration working for the nation, helping deliver a prosperous and secure Australia.

The first comprehensive review of the migration system in May 2023 found that the system was broken, and that there was a lack of clarity on what Australia was trying to achieve through migration. The Government is focusing on having a better planned migration system that works for the nation, aiming to strengthen the community and improve the standard of living.

The Governments five core objectives under this review are:

1. Better living standards for all – Meeting skills shortages: Migration is not a substitute to replace Australian employees or not to train Australians permanent residents or citizens.
2. A Fair Go for all – Pro Wages: Build secure jobs for all with better working conditions preventing migrant worker exploitation
3. Building a stronger Australian Community: Moving away from temporary residency (TR) to permanent residency so those TR visa holders are not continually living in limbo
4. Strengthening International relationships: Building stronger economic and social connections with international partners (APAC)
5. Making the system work: Make if fast and efficient

These objectives will ultimately lead to a new and better working migration program, replacing the Subclass 482 with the Skills in Demand Visa later in the year.

The Jobs and Skills Australia (JSA) are responsible for undertaking labour market analysis and stakeholder engagement to assist the Government with final decisions on the new CSOL, ensuring that our temporary skilled migration program is targeted towards Australia’s workforce needs.

Occupations on the final list will reflect occupations as defined in the most recently updated Australian and New Zealand Standard Classification of Occupations (ANZSCO). The CSOL will determine which occupations are available for sponsorship under the proposed new Skills in Demand Visa. This new visa will have three tiers and most applications are expected to fall within the mid-tier Core Skills Stream (Tier 2). This tier will be for occupations with minimum earnings that fall between $70,000 to $135,000, which will be the minimum salary threshold for the Specialist Skills Stream (Tier 1).

The JSA has developed a Migration Labour Market Indicator Model which will be used in conjunction with stakeholder engagement, to provide advice to the Government. The new model and eventual CSOL will build on the Skills Priority List, and the initial consultation process which is now underway.

Mapien is finalising its submission to the JSA with a view to helping ensure the occupations which are critical to our clients remain on the new employer sponsored visa lists.