Australia is known for its Kangaroos. Apart from that, it is also known for its fastest-growing economy. However, the growing economy needs Australia’s demands for more skilled workers, hampering the country’s overall growth. Therefore, the Australian Government has intervened to eliminate the skill shortage gap.
The Australian Government has launched the National Innovation Visa Program for skilled workers worldwide. This visa program will replace the Global Talent Program and terminate the Business Innovation and Investment Visa Program. This article provides a comprehensive guide to the Australian National Innovation Visa Program. But, before proceeding, let us give you an insight into the New Innovation Visa Program.
Australia’s New Innovation Visa Program
The Government of Australia has launched the New Innovation Visa Program to attract skilled professionals worldwide. This visa program will replace the Global Talent Program and will be available from late 2024. The information about this visa program was announced as part of the federal budget.
Why is the Innovation Visa replacing the Global Talent Visa?
The Global Talent Visa is a direct pathway to get PR status in Australia for Skilled Workers, and the New Innovation Visa Program will replace it by the end of 2024.
The Australian Department of Home Affairs has taken proactive steps to ensure a smooth transition for all. They have put in place proper paper arrangements to ensure that the remaining candidate is not affected by this change. Rest assured, the remaining candidate’s application will be assessed according to eligibility during the application process.
The Global Talent visa increased from 5,000 to 4,000 for 2024-25, making the Australia PR visa application more competitive.Â
The Business Innovation and Investment Visa Program is set to be terminated.
During the federal budget release, the Australian Government permanently terminated the Business Innovation and Investment Visa Program by July 2024. The key takeaways of this termination are given below.
- The Business Innovation and Investment Visa Program will see a reduction in permanent migration places from 1900 in 2023-2024 to 1000 in 2024-2025. However, if the number of applications exceeds 1900 in 2023-2024, the additional application will be carried forward for 2024-2025 until the 1000 slots are filled.Â
- A candidate who wants to withdraw their application for BIIP can be asked for a refund of the application fee from the start of September 2024.Â
- Candidates holding the Business Innovation and Investment(Provisional)visa are still eligible to apply for the permanent BIIP subclass 888 visa program after July 2024.Â
Conclusion
Australia’s rapidly growing economy faces a shortage of skilled workers, prompting the government to launch the National Innovation Visa Program. This program will replace the Global Talent Program, which provides a pathway to obtaining PR status in Australia for skilled workers. The Australian Department of Home Affairs will provide paper arrangements to ensure the remaining candidates are unaffected.
The Global Talent visa has increased from 5,000 to 4,000 for 2024-25, making the Australia PR visa application more competitive. The Business Innovation and Investment Visa Program (BIIP) will be terminated by July 2024, with permanent migration places reduced from 1900 to 1000. Those withdrawing their BIIP application can request refunds from September 2024.
For more details about the Australia National Innovation Visa Program, contact Province Immigration via [email protected] or +91 98961 96762.
