• A new fast-track National Innovation Visa will replace the Global Talent and Business Innovation and Investment (BIIP) visas, targeting exceptionally talented professionals and entrepreneurs.
  
  
• Recent graduates and early-career professionals stand to benefit from reduced work experience requirements for the Temporary Skill Shortage (Subclass 482) visa.
  
  
• The budget’s emphasis on enhancing compliance and protecting migrant workers' rights underscores the need for businesses to reinforce internal compliance measures and maintain meticulous record-keeping when employing migrant workers.

Here are the key budget highlights and their potential impact on various stakeholders.

• The Permanent Migration Program has been set at 185,000 places for 2024-25, with 132,200 places (around 70%) allocated to the Skilled stream.
  
  
• From 2025-26 onwards, the government will extend the planning horizon for the Permanent Migration Program from one to four years, providing better long-term planning

• Out of the 185,000 places for permanent visas, 33,000 are earmarked for regional visas - a sizable increase from the 11,200 places in 2020-21. Employers operating in regional areas facing critical skill shortages will benefit from this expanded regional program.
  
  
• The government will continue to focus on the successful integration of migrants into regional communities and strengthening protections for migrant workers against exploitation

• The work experience requirement for the Temporary Skill Shortage (Subclass 482) visa will be reduced from two years to one year, effective 23 November 2024.
  
  
• This change will benefit recent graduates and early-career professionals, expanding the pool of eligible applicants for this visa
  

• A new National Innovation visa will be introduced in late 2024, replacing the Global Talent visa (Subclass 858) and the Business Innovation and Investment Program (BIIP). This visa targets exceptionally talented migrants who can drive growth in key sectors.
  
  
• The BIIP will be discontinued. From September 2024, individuals who have already submitted their BIIP applications will have the opportunity to withdraw their applications and receive a refund
  
  

For Indian nationals:

• The Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian nationals will start from 1 November 2024, providing opportunities for 3,000 Indian graduates and early-career professionals to live and work in Australia for up to two years.
  
  
• The validity of the Visitor visa (Subclass 600) Business Visitor stream for Indian nationals will be extended from three to five years

• The government has allocated $18.3 million over four years to continue reforming the migration program and restore its integrity.
  
  
• Key initiatives include educating migrant workers about workplace rights, new compliance measures for workplace safeguards, and a data-matching pilot between the Department of Home Affairs (DoHA) and the Australian Taxation Office to prevent exploitation of migrant workers

• Funding has been provided for Trades Recognition Australia (TRA) to develop a modern ICT solution for assessing the trade skills of skilled migrants.
  
  
• This initiative could yield several potential benefits, including faster processing times, automation of various aspects of the skills assessment process, and more consistent outcomes across applications.
  

• A new Administrative Review Tribunal (ART) will replace the Administrative Appeals Tribunal (AAT), addressing backlogs in migration decisions and judicial review applications.
  
  
• $1 billion will be allocated over five years to support the ART's operations, improve regional accessibility, and streamline the migration review process

The budget measures (along with plans for the new Skills in Demand visa) aim to improve access for businesses to skilled talent, both temporary and permanent, allowing them to address critical skill shortages more effectively.

At the same time, the government’s commitment to upholding the integrity of the immigration system means businesses must prioritise compliance with regulations; failure to comply could result in penalties and reputational damage. Proactive measures, such as conducting internal audits and seeking guidance from qualified professionals, can help mitigate risks and ensure a smooth sponsorship process.