October 7, 2020


For most of us, the key question what is in news for migrants on Australian 2020 Budget announcement.

Treasurer Josh Frydenberg has declared that the planning figure for the Migration Program will remain unchanged, as the country strives to recover from the economic blow delivered by the COVID-19 pandemic. The Morrison Government has announced it will maintain the planned ceiling for the 2020-21 Migration Program at 160,000 places.

In a noticeable departure from the traditional migration composition, the government has placed greater emphasis on family stream visas, raising the planning level from 47,732 to 77,300 places on a ‘one-off basis’ for this program year.

“While overall the government has placed greater emphasis on the family stream, most of these are people already in Australia,” the Acting Minister for Immigration Alan Tudge said in a joint media release with Minister for Home Affairs, Peter Dutton.

Australian Immigration Update with Budget 2020

Keypoints:

Onshore applicants and partner visa applicants will be given priority
Government triples allocation for Global Talent Independent Program- fastest way to get permanent residency in Australia

Family stream: Overall the government will sharpen the focus on the family stream, predominately made up of partner visa category, which has been allocated a total of 72,300 places.

According to the Department of Home Affairs, global waiting times for offshore partner visa to be processed has risen to almost two years.
Budget papers also reveal that an English language requirement will also be introduced for partner visas and their permanent resident sponsors.

This could be an indication of the government’s intention to clear the massive partner visa application backlog that currently sits at 100,000, it could also mean a significant cut for places in the parent category.

In terms of partner visa, Australia’s partner visa processing times blow out due to COVID-19. Budget papers also reveal that an English language requirement will also be introduced for partner visas and their permanent resident sponsors.

These changes will help support English language acquisition and enhance social cohesion and economic participation outcomes

The government also will be prioritising onshore visa applicants and partner visa applicants where the relevant sponsor resides in a designated regional area. While the focus on onshore applications was expected, the fact that partner visa applicants with sponsors in regional areas will get priority is quite a pleasant surprise.

Skilled Migration
Priority will be given to Employer Sponsored, Global Talent, Business Innovation and Investment Program visas within the skilled stream.

Skilled stream: The budget papers reveal that the government will give priority to Employer-Sponsored, Global Talent, Business Innovation and Investment Program visas within the Skilled Stream.

Australian Visa
‘This is the fastest way to get permanent residency in Australia’
As per the planning levels, the government has tripled the allocation of the Global Talent Independent (GTI) program to 15,000 places, a massive increase from the previous program year’s planning level where the government had set an objective to grant 5,000 visas.


The nominations for GTI applicants in the information and communication technology (ICT) sector has a quite a significant increase for the fledgling program that is currently in its second year. The GTI program seems to be growing, and ACS is increasingly seeing evidence of a significant pool of candidates. It nevertheless remains to be seen whether such growth can be realised,

In addition, the government has also raised the allocation for the Business Innovation and Investment Program (BIIP) to 13,500 places.

The Budget papers said “From 1 July 2021, the Government will streamline and improve the operation of the Business Innovation and Investment Program (BIIP). The Government will introduce changes to improve the quality of investments and applicants”.

The immigration number fall for 2020-21: The 2020 budget estimates reveal that Australia will suffer its first negative net overseas migration since the Second World War in a major blow to the country’s economy already bruised by the pandemic.

Net migration numbers are expected to fall from 154,000 in the 2019-20 financial year to a net loss of 72,000 in 2020-21 and 21,600 in 2021-22.

International students in Australia.
The Government will also offer Visa Application Charge (VAC) refunds, waivers or visa extensions to visa holders who have been unable to travel to Australia due to COVID-19.

This includes waiving the VAC for Working Holiday Makers and Visitors to boost tourism once the borders re-open.

May 26, 2015

passportNew applications for the Significant Investor Visa (SIV) have been suspended since 24 April 2015, for the purpose of preparing new framework for the SIV in anticipation of its reintroduction on 1 July 2015.
Last Friday (15 May 2015), Andrew Robb, Minister for Trade and Investment, and Michaela Cash, Assistant Minister for Immigration and Border Protection, made a joint announcement of the Australian Government’s much anticipated new investment framework for the Significant Investor Visa (SIV). The announcement also provided some further information regarding the introduction of the new Premium Investor Visa (PIV).
The new arrangements are part of the Australian Government’s Industry Innovation and Competitiveness Agenda to facilitate the flow of capital into innovative start-ups and emerging Australian companies.
The agenda is to be achieved by stopping SIV applicants from investing the required $5 million into passive investments, such as government bonds.
The new framework for the SIV will require at least a $5 million investment, which must comprise:

  • At least $500,000 into eligible Australian venture capital or growth private equity fund(s) (VCPE) investing in start-ups and small private companies;
  • At least $1.5 million into eligible managed fund(s) or Listed Investment Companies (LICs) that predominately invest in emerging companies (i.e. market capitalisation below $500 million) listed on the Australian Securities Exchange (ASX) listed;
  • A ‘balancing investment’ (the amount will depend on how much was invested in the above mandatory elements) in managed funds or LICs investing in a combination of other eligible investments, including other ASX-listed companies (i.e. companies with market capitalisations above $500 million), corporate bonds or notes, annuities and (with limitations) residential real estate.

The new framework also prohibits ‘loan back’ arrangements. Accordingly, new visa applicants will no longer be allowed to use their investments as collateral for borrowings.

What are the Significant and Premium Investor visas?
The Significant Investor visa is a stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa.
The purpose of the visa is to provide a boost to the Australian economy and to compete effectively for high net worth individuals seeking investment migration. Significant Investor Visa (SIV) holders are required to invest AUD5million into complying investments for a minimum of four years before being eligible to apply for a permanent visa.
The government intends that the Premium Investor visa (PIV) will be created as a new stream within the Business Innovation and Investment (Provisional) (Subclass 188) visa and the Business Innovation and Investment (Permanent) (Subclass 888) visa on 1 July 2015.
The purpose of the Premium Investor visa is to attract high net worth individuals to contribute their entrepreneurial skill or talent to Australia. The Premium Investor visa will be require applicants to invest AUD15million into complying investments for a minimum of twelve months before being eligible to apply for a permanent visa.

The announcement confirmed that the PIV will provide a fast-tracked, 12-month pathway to Australian permanent residency for talented entrepreneurs and innovators who can invest at least $15 million into eligible investments. The PIV will also allow a wider range of eligible investments than the SIV, including direct investments in a range of companies and financial products.
The new framework for the SIV and the PIV will come into effect on 1 July 2015.
 
Authors: Paul Hardman, Phoebe Yin, Christopher Rowe
Source: holdingredlich.com
 
 
Note: [1] The Australian Government intends to increase this amount to $1 million within the next two years, subject to the initial response to the scheme.

Enter your email to get instant access to the Document

    Your information is 100% secure with us

    Enter your email to get instant access to the webinar recording

      Your information is 100% secure with us