Australia’s Innovation Visa to replace Global Talent and Business Visas

The Australian government has implemented a number of new initiatives to address immigration and the enrollment of foreign students, particularly with regard to their housing and accommodation requirements. Australia’s government unveiled the Federal Budget 2024–25 on May 14, 2024 listing out the measures to be undertaken for the benefit of international students and migrants.

The Government is reforming Australia’s migration system to drive greater economic prosperity and restore its integrity, implementing actions outlined in the Migration Strategy. This Budget supports skills in demand, with around 70 per cent of the permanent Migration Program allocated to skilled visa categories.

The Government will also introduce a new National Innovation visa to attract exceptionally talented migrants and replace the Global Talent visa and the Business Innovation and Investment visa. These actions complement reforms being developed for the points test used for certain skilled visas.

The Government has slightly reduced the planning level for the Global Talent Visa Program to 4,000 visas for the 2024–25 Migration Program. The Global Talent visa is a permanent visa for exceptionally talented and prominent individuals who can raise Australia’s standing in their field.

This planning level aligns with the Government’s broader reforms around talent and innovation, and accounts for the last year of the Global Talent visa program as it transitions to new arrangements using the forthcoming National Innovation visa. Through the new visa, the Government will provide a permanent visa pathway for the most exceptional talented migrants – such as high performing entrepreneurs, major investors and global researchers. National Innovation visas granted in 2024-25 will be counted within the Global Talent visa Program.

Government actions are estimated to reduce net overseas migration by 110,000 people over the forward estimates from 1 July 2024. Net overseas migration is forecast to approximately halve from 528,000 in 2022–23 to 260,000 in 2024–25. Going forward, net overseas migration is forecast to be 235,000 in 2026–27 and 2027–28.

The Government will set the 2024–25 permanent Migration Program planning level at 185,000 places and allocate 132,200 places (around 70 per cent) to the Skill stream.

From 2025–26, the Government will extend the planning horizon for the permanent Migration Program from one year to four years. Maintaining around 70 per cent of places for the Skill stream will help address Australia’s long-term skill needs. Extending the planning horizon for the permanent Migration Program from one year to four years will enable better cross-government planning in the future.

The Government will also provide $1.8 million to deliver streamlined skills assessments for around 1,900 migrants from comparable countries to work in Australia’s housing construction industry.

International Students

As part of the response to the Australian Universities Accord, the Government will work with universities to increase the availability of student housing, by limiting international student enrolments based on factors including how much student accommodation they provide. The new commitment towards this is $2.1 million over four years from 2024-25.

The Government will implement regulatory requirements to ensure universities deliver more purpose-built student accommodation (PBSA). This will increase the level of housing supply and help to ensure that increases in international student numbers do not put pressure on the domestic housing market.

Following consultation with the sector, the Government will set limits for how many international students can be enrolled by each university based on factors including how much student accommodation they provide.

The Government will require universities to establish new, purpose-built student accommodation should they wish to increase their international student enrolments above their initial allocation. Any new accommodation built will be available to both local and international students. This reform will build more student housing, reduce pressure on house prices and rents in our cities and ensure universities continue to benefit from the overseas student market.