In the 2024 Federal Budget, the Australian Government announced plans to replace the Global Talent visa (subclass 858) by the end of 2024 and to phase out the new Business Innovation and Investment visa (subclass 188) program. The new visa, the ‘National Innovation visa’, will take these visas’ place as the primary pathway for exceptionally talented migrants to contribute to Australia’s national growth in key sectors and industries.
The objectives of the previous visa program will be refined to ensure that Australia’s migration strategy continues to yield significant benefits for Australian society.
This blog will explain the changes to the two existing visa programs and provide insights into what to expect from the new National Innovation visa, along with the implications these changes may have for current and future applicants.
For those who have already applied for or were considering either of these two visa options, an Australian Migration Agent can offer specific advice and guidance on new visa options and address any questions that they may have.
What is the Global Talent Visa?
The Global Talent visa (subclass 858) is a skilled visa aimed at simplifying Australian migration for highly skilled, talented and prominent individuals in identified areas. It is a cornerstone of the Global Talent Independent program, which seeks to attract talent in important sectors for Australia to foster skill transfers, innovation and job creation that benefit the country both socially and economically. This visa covers professionals from a range of fields, including sports, academia, arts and research. Operating under a limited quota system, the program requires applicants to meet specific eligibility criteria, such as proving their global recognition, receiving a nomination from an approved sponsor and demonstrating their potential contributions to Australia. This pathway is appealing for both individuals and organisations, as well as benefiting the broader Australian community. Successful applicants and their families receive permanent residency in Australia along with its associated benefits.
What is the Business Innovation and Investment visa program?
The Business Innovation and Investment visa (subclass 188) program was established to stimulate innovation and investment in the Australian economy. In the wake of the COVID-19 pandemic, the program’s focus shifted towards promoting economic growth in Australia’s business sector. It allowed successful applicants to come to Australia to own and manage a business or engage in entrepreneurial activities. The program is divided into four main streams, each centred on either business operations or significant investment in the Australian economy. It attracted both individuals and the Australian Government by offering a platform for overseas individuals to contribute innovatively to the economy. The Business Innovation and Investment visa program also provided options for visa extensions and a pathway to permanent residency for eligible applicants.
Why has the decision been made to replace these visas?
Following the Australian Government’s 2023 Migration Review, it was announced during the 2024 Federal Budget that both the Global Talent visa (subclass 858) and the Business Innovation and Investment visa (subclass 188) program would undergo changes. These modifications are part of the Government’s broader strategy to refine and restrict migration to align with Australia’s national interests.
The Migration Review found that neither the Global Talent visa nor the Business Innovation and Investment visa were meeting their expected economic benefits for the Australian public. It was suggested that the Global Talent visa be reconsidered, taking into account the high demand for the visa, its nomination requirements and its importance to Australia. The recommendation was to model it after the United Kingdom’s approach. For the Business Innovation and Investment visa program, the review highlighted its lower-than-expected economic and fiscal contributions. It concluded that the program needed a complete overhaul to be effective. This finding was supported by studies conducted by other federal bodies.
Consequently, based on the assessments contained in the Migration Review, the Australian Government has decided to introduce a new visa aimed at attracting exceptionally talented individuals in a manner that would be more effective and efficient for Australia.
What are the consequences of these changes?
The Government has provided clarifications for those holding or applying for the Global Talent visa (subclass 858) and the Business Innovation and Investment visa (subclass 188) program.
For the Global Talent visa, current visa holders and applicants will not be adversely affected immediately. However, the visa quota for this subclass has been reduced to 4,000 for the upcoming Migration Program year, signalling the shift towards the new visa. Applications will still be assessed based on the criteria in place at the time of lodgement, but grants of the new National Innovation visa in 2024 will be counted against the quota available for the Global Talent visa.
The Business Innovation and Investment visa program will stop accepting new applications from July 2024, though lodged applications prior to this date will continue to be processed. The visa quota for this program has been reduced by 900 to 1,000 for the 2024-2025 Migration Program year, and policy guidelines for application assessments have been tightened. The Australian Government has confirmed that visas will still be available for those pursuing permanent residency through the subclass 888 visa. Further information for those wishing to withdraw their application will be available from September 2024.
Regarding the new National Innovation visa, the Australian Government has announced that it will be introduced and available towards the end of 2024. To facilitate this transition, $1.4 million has been allocated. Further details are yet to be released.
Individuals affected by these changes, those who were planning to apply or anyone with questions should seek guidance from an Australian Migration Agent to explore potential next steps and assess other visa options.
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At Australian Migration Agents, we are well-versed and experienced in handling visa applications. Our team can assist individuals at any stage of the process, from providing initial information about potential options to helping lodge the visa application.
If you are affected by the recent changes announced by the Australian Government and need tailored advice and guidance, contact an Australian Migration Agent.
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