Australian Immigration Daily News

The Property Council of Australia today welcomed the strong, cyclical economic results in the Federal Budget but warned the government must match its targeted approach to migration with the same focus on housing investment and better planning across the country.

The budget highlighted the strength of net overseas migration (NOM) over the next five years, amounting to almost 1.5 million people, but also the extent of the housing supply crisis in Australia, with dwelling investment levels predicted to drop significantly, revised down from a forecast minus one per cent growth to minus 3.5 per cent in 2023/24.

Property Council Chief Executive Mike Zorbas said the government’s decision to increase skilled migration was a positive one, but warned the issue of housing lingers as a major handbrake on the necessary flow of skilled migrants and the quality of life for all Australians.

 “Reviewing the budget: growing our national skills base to keep the economy firing, tick, build-to-rent housing, tick, cities policy, tick, energy efficiency incentives, tick. Investment in housing, question mark,” Mr Zorbas said.

“Skilled migrants have been central to Australia’s economic success story for generations, filling critical job vacancies in important sectors, and making valuable contributions both economically and socially."

A big change is looming for Australians, with already frustrated renters expected to be hit the hardest.

More than 700,000 people are expected to move to Australia by the end of next year, adding to the squeeze on the nation’s already very tight rental market.

Tuesday’s budget is forecasting 400,000 people will have migrated to Australia by the end of this financial year and another 315,000 people will have moved here by the end of 2024.

Tourists will pay $40 more ($190 overall), a backpacking visa will cost $130 more ($640 overall), and students will pay $65 more ($715 overall).

There’ll also be a 40 percentage point increase for business innovation and investment visas.

The government says the changes will raise more than $100 million each year, which will fund improvements to the visa processing system.

For many women, their visa situation makes them especially vulnerable to family and domestic violence. To address this, the Government is providing:

• $10 million over four years from 2023-24 to expand the family violence provisions within the Migration Regulations 1994 and support visa holders experiencing domestic and family violence, including secondary applicants for permanent visa subclasses, offshore temporary Partner visa applicants and Prospective Marriage visa holders.

These changes accompany our extension of the TVP and build on recent changes to ‘non-judicial’ evidence requirements for temporary visa holders coming forward for assistance.