The migration program will be set at 185,000 places in 2024-25, with 132,000 allocated to the skilled stream;
A new National Innovation visa, replacing the current Global Talent visa (subclass 858) from late 2024, to target exceptionally talented migrants who will drive growth in sectors of national importance;
Investment Visa Program will cease from September 2024, with refunds being issued for system changes with implementation of new visa;
The Government will also reduce the work experience requirement for the Temporary Skill Shortage (subclass 482) visa from two years to one year for all applicants from 23 November 2024 onwards;
The Government will introduce a visa pre-application (ballot) process for the capped Work and Holiday (subclass 462) visa program for China, Vietnam and India from 2024–25;
The net overseas migration numbers are expected to fall from 528,000 last year to 260,000 next year.
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