Australia Migration Update Post October 2020 Budget

All you need to know

Australia’s financial year usually runs from 1 July to 30 June, but the current financial budget release was delayed to October 2020, due to Covid. The 2020-2021 level will remain at 160,000 migrants but the distribution of the numbers have changed.  The General Skilled Migration Program numbers have been significantly reduced for both the Subclass 189 and State Nominated Subclass 190. 

Priority will be given to Employer Sponsored, Global Talent, Business Innovation and Investment Program visas.

Business Innovation and Investment Program (BIIP) 

Changes to this program seek to improve the quality of applicants. Places have been increased from 6,862 to 13,500 and the government will prioritise the processing of these applications. It is further been announced that a revamp of the BIIP is being undertaken with changes possibly being announced by the end of this year. These will ONLY be implemented in July 2021. Applications submitted by 30 June 2021 will not be impacted by these changes.  

Possible changes include 

• Discontinuation of the  permanent  Subclass 132  Business Talent visa in its current form with any new visa in this category being an initial temporary residence visa  as with all of the other BIIP visas.
• Subclass 188 A Business Innovation and Investment (Innovation Stream) visa- expected that the  required business investment level will increase.
• Subclass 188 B Business Innovation and Investment (Investor Stream) visa  – expected that required investment will increase from A$1.5M to A$2.5M.
• Subclass 188 Significant Investor visa (SIV) – it is likely that the current investment requirement of A$ 5M will not increase but there is no firm clarity on this at this stage

Global Talent Independent Program (GTI) 

Places in this program have been tripled to 15,000 to increase the flow of globally recognised skilled professionals and entrepreneurs.  

Global Business and Talent Attraction Taskforce 

A new whole of government Global Business and Talent Attraction Taskforce will be established to attract international businesses and exceptional talent to Australia, to support the post-COVID 19 recovery and boost local jobs. This initiative will build on the GTI initiative and the Business Innovation and Investment Program.

2020-21 Migration Program Settings

2019-20 Migration Program Outcomes

Globally, economies have taken a knock in 2020, all as an impact of the Corona 19 Virus. South Africa has not been spared the shock of economic instability, and there is growing trepidation in the minds of many about their futures. As the effects of the global pandemic unfold, many business owners and skilled individuals among all of society continue to evaluate their options. The 2020 Global Wealth Migration Review quoted that a significant number of South Africa’s HNWI (High Net Worth Individuals) will emigrate over the next few years. And globally, Australia is one of the preferred destinations for those with capital looking to secure their futures.

Why do South African’s opt for Australia as a first choice for emigration? Well, firstly, being in the Southern Hemisphere, the climate is similar, then there is the sports culture – cricket and rugby are much loved sports. Both countries enjoy a great outdoors and whether you call it a braai or a barbie, the love for outdoor cooking is another shared interest. Aside from this, the good health program and the schooling are also attractive benefits to a life in Australia.

What are your next steps? 

It is a complex process, with many caveats. AMS with it’s Registered Migration Agent Garry Loseby, an Australian, being leaders in their field, are well placed to advise you on your best option, handle your application process and assist you to migrate to Australia. 

Contact AMS on +27 11 783 9440 or info@australianmigration.co.za for more information.