Outlook Money
The National Innovation Visa launched by the Australian government is set to attract exceptionally talented workers. The government through this plans to target exceptionally talented migrants who will boost growth in sectors that are of national significance.
The technology sector has been a major driver behind the influx of Indian immigrants across developed nations. This visa would capitalise on the expertise of talented Indians and skilled workers across industrial development.
Australia witnessed an increasing demand to limit migration. A post-pandemic surge in students and other arrivals further strained its rental market, contributing to higher inflation rates. This led to the winding down of immigration.
The government has put intense scrutiny on student visas and is also expected to roll out a ballot system for work and holiday visas from China, Vietnam, and India, starting in the fiscal year ending June 2025.
The Business Innovation and Investment Visa Program (BIIP) will cease. Terminating BIIP marks a significant shift in Australia’s migration setup as it previously offered a path to permanent residency via investment.
Compiled by Syed Muskan