This document is about how many skilled graduate visas can be given in Australia for a specific year. The Australian government decides on the maximum number of visas it will grant to skilled graduates each year. For the 2023-2024 year, they've set the maximum number at 3,735 visas.
When that many visas are given out, the government won't consider any more applications. This decision affects a specific type of visa called the Subclass 476 (Skilled – Recognised Graduate) visa. If you applied for this visa and it's not granted because the limit is reached, you'll get your application fee back.
This type of visa was originally made to support the mining and minerals sector by attracting engineering graduates. However, there are other ways for internationally trained engineers to work in Australia, so they're thinking of changing this visa program. They're starting by limiting how many visas can be granted in a year, and they plan to review and maybe stop this visa program in the future.
The government talked to different groups, like businesses and experts, before making this decision. This document was made by the Minister for Home Affairs, and it doesn't need approval from Parliament because of specific laws.
Source: LIN23089.pdf and LIN23089-Explanatory-Statement.pdf