The country has also developed its long-awaited strategy to reform the migration system.
What has happened
According to an exclusive report from The Australian, the entire Australian Business Innovation and Investment Program (BIIP), including the Business Innovation, Investor, Significant Investor, Premium Investor and Entrepreneur streams, has stopped accepting new applications from January 21-st, 2024.
The results
Over the past 15 years, more than 100,000 foreigners have used one of the BIIP streams to obtain permanent residence in Australia and the Significant Investor Visa (SIV) alone has raised around AUD 12 billion (USD 9.9 billion). However, there was a proposal to close the latter back in September 2023.
The expectations
The government indicates that it plans to replace the BIIP program with expanded visa quotas for skilled workers. According to the authorities, this will be more economically beneficial for Australia in the long run.
The new talent and innovation visa, the government said, will now create a streamlined pathway "to attract a relatively small number of highly talented migrants to Australia, such as high-performing entrepreneurs, major investors, and global researchers."
The background
The sudden closure of the program followed allegations from Australian media outlets indicating that Chinese criminals and corrupt regime officials were using the BIIP scheme to obtain Australian citizenship.
The country is ready for significant changes in migration system
Australia is concerned about an oversupply of immigrants who have been hopping from one temporary visa to another for years and decades. In late 2023, the government unveiled its strategy to reform the migration system, with some changes expected to take effect this year.
Here are key facts you need to know:
- The government is introducing a new four-year temporary skilled worker visa which it says will offer workers more opportunity to change their employer and provide pathways to permanent residency.
- Once implemented, the "Skills in Demand" visa will replace the current Temporary Skill Shortage visa (Subclass 482), which permits holders to live in Australia while working full-time for the sponsoring employer. This will be available to those initially earning at least $135,000 in any job excluding trades workers, machinery operators, drivers and labourers.
- The government will also give the green light to most temporary skilled migrants whose job is listed on a new Core Skills Occupation List, based on those identified by Jobs and Skills Australia as being in short supply and with a minimum salary of $70 thousand.
- From early this year, those applying for a student visa will need an International English Language Testing System (IELTS) score of 6.0 (up from 5.5) or an equivalent test of English language proficiency such as the Pearson Test of English (PTE), which is becoming more popular among international students choosing Australia as their education destination. The test score required for a temporary graduate visa will increase from 6.0 to 6.5.
- Australia’s new migration strategy will also introduce a new "Genuine Student Test" for all international students designed to identify genuine students and discourage non-genuine students whose primary intention is to work rather than study.
- The government has introduced temporary visas for graduates: a) the maximum age of the recipient is reduced from 50 to 35 years, b) the duration of an initial temporary graduate visa will also be reduced to two years for a bachelor's or master's degree by coursework and three years for a master's by research. c) students in regional areas will be eligible for a second visa of one to two years depending upon their location.
Sources: Investment Migration Insider, SBS News
Photo by Dan Freeman on Unsplash
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