Treasurer Josh Frydenberg delivered the Federal Budget 2022-23 on Wednesday 29 March 2022. The main changes announced in this year's budget have been about the migration planning levels for various visa subclasses. Keep reading for a summary of the major changes announced yesterday.
FEDERAL BUDGET 2022-23
Net Overseas Migration
International border restrictions have been lifted since February 2022. The budget revealed that the Government will reinstate Migration Program planning levels to 160,000 in 2022-23.
The Government also provided an expected Net Overseas Migration for the coming years.
|Year||Net Overseas Migration|
Winners and Losers
The biggest winners in the 2022-23 Migration Program are the Skilled Visas which will account for 70% of the program with a total of 109,900 places. This is an increase of a whopping 30,000 places as compared to last year.
The losers were Partner Visas, Business Innovation and Investment Visas and Global Talent Visa which have had their numbers reduced.
Overall the visa levels of common visas are as follows:
|State and Territory Nominated||20,000||11,200|
|Business, Innovation and Investment||9,500||13,500|
Humanitarian visas have been maintained at 13,500 while Working Holiday Maker visas have been increased by 11,000 places in 2022-23.
- 2022 is set to be the year where Australia seeks to boost skilled visa numbers to help with the post pandemic recovery of the Australian economy.
- Employer sponsored visas, Skilled visas and regional visas will be the focus this year.
- Global Talent, Business and Innovation and Partner visa numbers will shrink.
- Australian Immigration is expected to rise over the next few years until at least 2024-25.
So what do you think about this year's Budget updates? How will it affect you? Leave a comment below.