2023-24 Australia Federal Budget – Migration News

On 27 April 2023, Minister Clare O’Neil gave a speech at the Nation Press Club, discussing Australia’s current migration environment and the future reforming strategy for the migration system.

On 9 May 2023, the federal government announced the new 2023-24 Financial year budget.

We have summarised the significant announcements in the Budget paper and the associated documents related to the Australian migration program below.

Migration Planning Levels

The 2023-24 Permanent Migration Planning level has been set at 190,000, with 72% quotation allocated to the skilled migration stream.

• Skill stream (137,100 places):

• 200 places are allocated for the Hong Kong stream of subclass 189 (Skilled – Independent) visa;

• A reduction of 62% in the Business Innovation and Investment Program (BIIP) will ensure the permanent migration program is a greater focus on addressing immediate workforce shortages.

• Family stream (52,500 places)