New visa classes aimed at attracting talented and highly educated people are set to be introduced in Australia next year, according to a statement from the office of the minister for immigration.

The first is the entrepreneur visa. As part of a larger AU$1 billion innovation agenda of Prime Minister Malcolm Turnbull, the new entrepreneur visa (together with tax breaks for start-ups) is seeking to unleash an ‘ideas boom’ and wean the economy away from its dependence on the mining sector. The second new visa subclass is expected to be one that aims at retaining 'high-achieving' students in Australia after the completion of their studies.

“This is all about unleashing the ideas boom. Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination… The more high-quality, effective, productive enterprising entrepreneurs we can attract, the better. Because they drive jobs.” Australian Prime Minister, Malcolm Turnbull.

The new Entrepreneur Visa will be available for emerging entrepreneurs with innovative ideas and financial backing to develop their ideas in Australia noted the minister’s statement. It said that Australia’s overseas networks will be leveraged to actively encourage entrepreneurial and innovative talent to come to Australia.

Turnbull said there would be no cap placed on the number of new entrepreneur visas designed to attract innovative talent. He also indicated that changes are being considered to retain high achieving foreign students.

DIBP is considering changes to facilitate a pathway to permanent residence for foreign students who are recent graduates from Australian institutions with specialised doctorate-level and Masters-by-research qualifications. The changes aim at assisting graduates in STEM subjects - science, technology, engineering and mathematics or specified ICT and related fields – remain in Australia and help drive its growth.

The changes are expected to “remove impediments in the visa system to facilitate entry and retention of highly talented people.”

The reforms are expected to be introduced in the second half of 2016.

More information on the NISA is available at www.innovation.gov.au.