New National Innovation Visa Australia for Skilled Migrants

On May 14, 2024, the Australian Government announced its Federal Budget and the Permanent Migration Program Levels for the years 2024–2025. Under this program, 185,000 seats will be allocated for migrants, 70% of which will be set aside for skilled immigrants.

Furthermore, the budget highlights the introduction of a new National Innovation Visa as a replacement for the Global Talent Visa and Business Innovation and Investment Visa streams by the end of 2024. The main objective of the National innovation visa is to “target exceptionally talented migrants who will drive growth in sectors of national importance.”

This measure marks the closure of the Business innovation and investment visa program (BIIP) and highlights the steps to address post-pandemic issues like the impact on the rental market and inflation rates. The purpose of new National Innovation visa is to target highly skilled migrants including investors, entrepreneur, and highly skilled researchers who can contribute to Australian economy significantly.

News National Innovation Visa Australia 2024

Below are the key takeaways of the 2024–25 Permanent Migration Program regarding the Australia National Innovation Visa:

• By July 2024, Business Innovation and Investment visa will be permanently closed.
• The government will scrutinize the eligibility criteria for the National Innovation Visa to ensure stronger economic outcomes for the country.
• The Department of Home Affairs will make sure that the existing candidates under a Global Talent Visa will not be negatively impacted by this transition.
• Existing candidates will be evaluated against the eligibility requirements at the time of application submission.
• For 2024–2025, the government has lowered the limit on Global Talent visa slots from 5,000 to 4,000.
• Applications submitted under the BIIP will continue to be processed in line with the current government’s processing priorities. 
• Starting in September 2024, those applicants who want to withdraw their BIIP applications can refund their application fees.
• Candidates who were interested in applying for a BIIP will now have to wait for more information to apply for the new National Innovation Visa, which will be available by the end of 2024.

So, the new National Innovation Visa will target those migrants who have the potential to invest in those important sectors that can significantly contribute to the Australian economy. Furthermore, the new National Innovation Visa will continue to provide a channel for highly skilled individuals in these targeted industries to share their knowledge and establish links to international markets.

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