Australian Immigration Daily News

Purpose

Section 85 of the Migration Act provides that the Minister may, by legislative instrument, determine the maximum number of visas of a specified class, or specified classes, (excluding temporary protection visas or safe haven enterprise visas) that may be granted in a specified financial year.

The purpose of this instrument is to determine the maximum number of visas that may be granted for certain classes of visas in the 2022-2023 financial year between 1 July 2022 and 30 June 2023 (inclusive). The instrument covers the following visa classes (with item numbers referring to items in Schedule 1 to the Migration Regulations 1994 (Migration Regulations).

Source: LIN23106.pdf and LIN23016-Explanatory-statement.pdf

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.