The 2023-24 Permanent Migration Program is a strategically introduced initiative by the Australian government to fill the skill gaps in the country. While the program expects an intake of 190,000 individuals, it will also boost productivity, enforce resilience, and assist in the transition to a net-zero emissions economy.
The program has three streams:
- Skill
- Family
- Special Eligibility
The Skill stream accounts for nearly 72% of the program. Moreover, it expands the productive capacity of the economy and fills labour market gaps in various areas, including the ones in regional Australia.
The Family stream accounts for up to 28% of the program and aims to reunite families. Next, the Special Eligibility stream is for people under unique circumstances, such as permanent residents coming back to Australia after spending some time abroad.
Key Changes In The 2023-24 Permanent Migration Program
These include maintaining the Global Talent Visa Program at 5,000 places. But the most significant change is the reduction in the Business Innovation and Investment Program visa category to completely address immediate workforce shortages. In addition, the program prioritizes reuniting children with their Australian family sponsors or parents.
Currently, the Australian Government is managing the delivery of the program while providing additional funds for 500 visa processing officers and an extra $48.1 million over a period of 12 months. Needless to say, the program is of great value for Australia’s net overseas migration strategy, which includes humanitarian migrants and temporary migration.
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