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Australian 2024/2025 Federal Budget and the Global Talent Visa

What will happen to the Global Talent Visa?

The Australian Federal Government released the federal budget on 14 May 2024. The Budget reflects the Federal Government’s plan to reform Australia’s migration system as outlined in the Migration Strategy and will introduce changes to the skilled visa programs including the Global Talent Visa.

What does this mean for the Global Talent Visa?

It was announced that the Global Talent Visa (subclass 858)  will be discontinued and will be replaced by a new visa called the National Innovation Visa.

National Innovation Visa

What is this National Innovation Visa?

The National Innovation Visa is said to be designed to attract exceptionally talented migrants and replace the Global Talent visa and the Business Innovation and Investment visa.  This new visa will provide a permanent visa pathway for the most exceptional talented migrants – such as high performing entrepreneurs, major investors and global researchers.

When will this take effect?

The Government announced that the change will be implemented from late 2024.

What will happen to the Global Talent Visa already lodged?

Transition arrangements will be in place and the Department will ensure that applicants including existing Global Talent visa applicants are supported in the application process. Existing Global Talent Visa applicants will not be adversely affected by the transition and will be assessed against the eligibility requirements/criteria applicable at the time of their application.

What will happen to the pending Expressions of Interest?

We do not have the details or confirmation yet, but we suspect that the EOIs that are undecided or that have not been finalized when the change is implemented will expire.

We suggest that those interested in applying for the Global Talent Visa- Invited pathway, should submit their EOIs as soon as they can so there is a greater chance that the EOI is decided before the Global Talent Visa is discontinued.

What if I already have received a successful EOI and have not applied for the visa yet? What will happen to my invitation?

We do not have official confirmation yet as to what will happen to the unused EOI invitations however, it is likely that the invitations will expire, and we suggest that potential applicants who had received the invitation should lodge their application as soon as they can.

What is the allocation for the Global Talent Visa for 2024/2025 Financial Year?

The Federal Budget also provides for the Migration Planning Levels. For the next financial year, 2024/2025, the number of places allocated for the Global Talent Visa has decreased to 4,000 places compared to 5,000 for the 2023/2024 financial year.

National Innovation Visa Australia 1

Will the new National Innovation Visa have a separate allocation from the Global Talent?

No, the National Innovation Visas granted in the 2024/2025 financial year will be counted towards the Global Talent Visa Program allocation.

What are the eligibility criteria for the new National Innovation Visa?

We do not have the details about the eligibility criteria for the new National Innovation Visa however, the Migration Review recommended that the requirement of having a nomination may be removed. Again, this is just a recommendation by the Review Panel and we will not know the criteria until the legislation and the corresponding regulations are passed.

Sources:

Department of Home Affairs website - Migration Program planning levels < https://immi.homeaffairs.gov.au/what-we-do/migration-program-planning-levels >

Budget 2024-25 website-  https://budget.gov.au/content/documents.htm

Migration Strategy - https://immi.homeaffairs.gov.au/programs-subsite/migration-strategy/Documents/migration-strategy.pdf

If you want to check if you are eligible for the Global Talent Visa, you can use our free Global Talent Assessment Tool.

 

How can Work Visa Lawyers help?

Work Visa Lawyers can help you with all steps in the Global Talent visa application process, including with applications for nomination from the ACS.

Our team of experienced Immigration Lawyers and Migration Agents look forward to assisting you with your Australian visa or appeal.

Contact us on (+61) 08 8351 9956 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Book an appointment with one of our experienced Immigration Lawyers and Registered Migration Agents here.

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Tuesday, 18 June 2024

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